S&P Finishes Just Shy of Closing High; Jobless Claims Drop
The major indices continued to extend their gains today after positive news came from the US jobs market. Even though the US indices are hitting highs, current trading volumes are well below the daily average for the Dow, NYSE and Nasdaq. Initial claims for jobless benefits fell for the third week in a row last week. Also on Thursday it was reported that producer prices rose last month after a jump in the cost of gas. E*Trade (ETFC) fell after its investor Citadel announced it will be selling its stake in the company after five years.Samsung is planning a release of its new smartphone tonight, putting additional pressure on Apple (AAPL) to perform, whose stock has been tumbling recently. Investors await several important reports scheduled for release on Friday, including the consumer price index, consumer sentiment and industrial production figures.
Word on the Street
- Jobless claims drop for another week and indicates the industry is gaining traction.
- E*Trade (ETFC) falls after Citadel Equity Fund Ltd. announced plans to sell all of its shares.
- The IRS has almost $1 billion in unclaimed refunds to give to taxpayers within the next few weeks.
- Ameren (AER) to sell power plans to Dynergy (DYN) and expects to close the deal by the end of 2013.
- Volkswagen plans to nearly double production in China over the next five years.
- About 70 companies in the S&P 500 are currently hitting or close to all-time highs.
- The US government sells more General Motors (GM) stock last month, totaling about $490 million.
Published on Mar 14, 2013By InvestorGuide Staff