*from www.bloomberg.com, Mar. 14, 2013 (To view original article click here.)
Take Away #1: U.S. stocks climbed, sending the S&P 500 Index towards a record high, as jobless claims unexpectedly dropped last week.
Key Facts and Figures:
- The S&P 500 (SPX) rose 0.4% to 1,561.09 at 12:48 p.m. in New York.
- The Dow Jones Industrial Average climbed 68.52 points or 0.5% to 14,523, extending its record high and advancing for a 10th straight day.
- Trading in S&P 500 stocks was 12% below the 30-day average at this time of day.
- The S&P 500 is about 5 points away from its record closing level of 1,565.15 set in October 2007, more than doubling from its bottom in 2009.
- The Dow has set record closing highs for seven straight days.
Take Away #2: Record highs in the stock market could signal to all of the fence-sitters that its time to take a fresh look at equities.
Key Facts and Figures:
- The housing market is showing recovery, which is good for wealth, and the decline in jobless claims suggests the job market is continuing to improve.
- The Chicago Board Options Volatility Index fell 3% to 11.48, the lowest level since Feb. 2007.
- First-time jobless claims fell by 10,000 to 332,000 in the week ended march 9, the fewest since mid-January.
- The median forecast of 40 economists surveyed by Bloomberg called for an increase to 350,000.
- The four-week average declined to a five-year low.
Take Away #3: A report showed wholesale prices in the U.S. climbed in February for a second month, reflecting a jump in energy costs that are now dissipating.
Key Facts and Figures:
- In Europe stocks advanced to a 4 ½-year high before the region’s leaders begin a two-day Brussels summit.
- An S&P gauge of homebuilders rose 1.9%, as 10 of 11 members advanced.
- Ryland Group added 3.9% to $40, while PulteGroup jumped 3.5% to $20.57.
- Energy producers and telephone companies climbed the most in the S&P 500, rising at least 0.7%.
- Chevron Corp. rose 1.5% to a record $120.13 and WPX Energy Inc. surged 4.8% to $16.77.
- CBS climbed 2.9% to its highest level since 2000 at $47.26 and plans to offer a full-episode streaming app for the iPad and iPhone.
- By 2012, Samsung surpassed Apple to become the world’s largest smartphone maker.
Take Away #3: LinkedIn and eBay advance along with Apple, while Amazon, E*Trade, and Smith & Wesson and Sturm Ruger see declines.
Key Facts and Figures:
- LinkedIn Corp. added 0.9% to $180.88 as Goldman Sachs raised its price target to $220 from $157.
- eBay Inc. climbed to 3.5% to $52.77, and Evercore raised its rating on the company to overweight from equalweight.
- Apple Inc. rose 1.3% to $433.73 and BTIG Research analyst Walter Piecyk raised his rating on the company to buy from neutral.
- Amazon.com Inc. fell 2.1% to $269.45 after JP Morgan Chase & Co. lowered its recommendation n the shares to neutral from overweight.
- E*Trade Financial fell 6.8%, the most in the S&P 500, to $11.02.
- Smith & Wesson Holding Corp. sank 2.7% to $9.26 and Sturm Ruger & Co. dropped 2.8 % to $54.26, following the Senate Judiciary committee’s approval of a measure to ban assault weapons.
*To view original article from www.bloomberg.com click here.