Dow Reaches Second Straight Record High; Dell Leads Techs (DELL, SPLS)
On Wednesday stocks extended mild gains and led the Dow to reach its second straight record high. The release of several encouraging economic reports boosted the markets in the US, including news of an unexpectedly large rise in private sector employment and modest housing market recovery noted in the Federal Reserve's Beige Book. Global markets saw gains as well with Asia's Nikkei reaching a four-and-a-half year high. Tech stocks had another strong day with a late surge from Dell (DELL) and gains made by Cisco Systems Inc. (CSCO) and Intel Corp. (INTC) as well.
Word on the Street
- The Fed releases their most recent Beige Book, indicating modest economic growth.
- Jobs and factory data offer signs that the economy is doing better and better.
- PetSmart (PETM) releases Q4 results and sees shares drop 7% on Wednesday.
- Samsung Electronics to invest $110 million in Japan's Sharp.
- Gains in Asia lead world markets higher while the euro falls ahead of ECB meeting.
- Walt Disney Co. (DIS) rejects calls to split Chairman-CEO role in the future.
- Staples (SPLS) falls after releasing a lower-than-expected forecast for its annual profit.