Markets Rise Again Wednesday as the Dow Hits 5-Year High (TGT, PCLN, AAPL)
Investors saw another positive day on Wednesday as the S&P, Dow and NASDAQ each closed up over 1%. The markets reacted positively to Ben Bernanke again showing his support of the Fed's stimulus policies during testimony to the House Financial Services panel. Stocks also got a boost from higher-than-expected gains in pending home sales and orders of durable goods. Shares of Target (TGT) fell by nearly 1% as the company reported that its Q4 gross margin rate had declined from 2011 levels. Travel site Priceline.com Inc. (PCLN) gained over 2.5% as the company saw Q4 net income rise by 28%.No news came out of Apple's (AAPL) shareholders' meeting about what it plans to do with it's large reserves of cash, dragging the stock down by 1%.
Word on the Street
- The CEO of Yahoo! (YHOO) announced that the company would ban telecommuting by its employees.
- Shell has suspended drilling for oil in the Arctic Ocean in 2013.
- A GlaxoSmithKline (GSK) drug for DMD has been tied to serious side effects & hospitalizations.
- Gold settles under $1,600 after seeing a 3% increase over the past two sessions.
- Shares of First Solar (FSLR) slid by 14% as the company said it expects Q1 sales to miss estimates.
Published on Feb 27, 2013By InvestorGuide Staff