Triskaidekaphobia or the fear of the number 13 doesn't seem to be bothering the broader market on this Friday the 13th. U.S. stocks opened higher on Friday, rebounding from the market's longest decline since May, after U.S. and Chinese economic data coupled with earnings reports came in better than some of the more dire forecasts. The Dow Jones Industrial Average rose 60 points to 12,633. The S&P 500 index climbed 7 points to 1,342. The Nasdaq Composite rose 14 points to 2,880. The Dow quickly jumped over 100 points after the open thanks to a 4% rally in JP Morgan's shares as they reported their messy quarter due to the large trading loss caused by the London whale. Wells Fargo is higher as well following earnings. The housing market seems to be one of the few bright spots in the economy. Homebuilders, Lennar and Toll Brothers are higher trading just under their 52 week highs. Every sector is trading higher this morning. In the energy space, Phillips 66 is jumping 3% on news Warren Buffett's management team has been making a position. Brazilian oil giant, Petrobras is higher by 5% on news the company is hiking their diesel prices. Speaking of oil prices, the airlines have performed well of late. JetBlue is higher thanks to an upgrade. In the tech space IBM, Google, and Apple are modestly higher. One analyst actually cut estimates for the Apple iphone. How dare he. Salesforce.com is higher by a percent thanks to an upgrade. The dog of the day in the tech space is Lexmark, down 10% after the company lowered guidance due to weakness overseas. Rival Hewlett Packard is down 3% to a new 52 week low. Through the first hour the Dow pushed higher rallying 150 points while the Nasdaq rose 25 points. Only a few blue chips trading lower like HP, Deere, and Amazon. Speaking of Amazon, a couple retailers are lower. Scots-Miracle Gro is lower after cutting guidance due to the drought across the country. Saks is lower by 2% on a downgrade. Walmart and Target however are making new 52 week highs. Through the morning the averages remained strong pushing to new highs led by JP Morgan and the financials although all sectors continue to perform well. A modest pullback in the middle of the afternoon led to a rebound in the last hour. After six down sessions, the Dow Jones Industrial Average finished up 203 points, or 1.6%, at 12,777, up 0.04% for the week. The S&P 500 index added 22 points, or 1.7%, to 1,356, leaving it 0.2% above last Friday's finish. The Nasdaq Composite climbed 42 points, or 1.5%, to 2,908, off 1% for the week. On to earnings season.
All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.
Leigh Baldwin & Co., LLC, and its Representatives are registered to conduct business in the following States: AL, AZ, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, ME, MD, MI, MN, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY. Requests for new accounts and/or to execute trades from individuals residing outside of these States will not be honored. Furthermore, individuals residing outside of these States should exit this Website immediately.
Stock quotes, commentary, and opinions presented in this site are for informational purposes only and should not be considered as a solicitation to buy or sell any security. Leigh Baldwin & Co., LLC does not guarantee the accuracy or completeness of the information or make any warranties regarding results from its usage.