Dow Nears Record Again; OPEC Increases Oil Demand Forecast (AVP, CEO)
On Tuesday, the Dow Jones closed above 14,000 again and reached a five-year high during today's session before settling lower due to tech sector losses. The S&P also ended higher while Nasdaq dropped about 0.2% on Apple's (AAPL) dip today. The big gainers included Avon Products Inc. (AVP) who saw shares rise 21% on Q4 earnings that exceeded expectations, and Masco Corp. (MAS), who advanced 12% on their earnings and forecast.CNOOC's (CEO) buyout of Nexen Inc. (NXY) was approved by regulators today as well. After the bell, Facebook (FB) announced results and has now dropped 12% so far this month. For the second session in a row, crude-oil futures finished higher after OPEC raised its forecast for demand in 2013. Investors look ahead to Wednesday's retail sales and inventories reports that will offer key economic indicators.
Word on the Street
- Global oil demand to grow faster than originally expected this year, will peak in May.
- CNOOC (CEO) receives approval from US regulators to buy out Nexen Inc (NXY).
- Coca-Cola says profit rose in Q4 due to emerging market growth.
- Bristol-Myers Squibb (BMY) confirms OTC deal with Reckitt Benckiser for $438 million.
- Goodyear (GT) tops quarterly profit expectations but cuts 2013 forecast.
- Avon Products Inc. (AVP) posts weaker-than-expected sales and a Q4 loss.
- US housing-related job growth is set to accelerate in 2014 along with economic growth.
- Nuance (NUAN) Slides After Missing Earnings Forecasts.
Published on Feb 12, 2013By InvestorGuide Staff