News Column

Coutts-US close: New record highs for Dow Jones, S&P 500

May 14, 2014

ENP Newswire - 14 May 2014

Release date- 13052014 - US close: New record highs for Dow Jones, S&P 500.

Dow Jones, S&P 500 hit new record highs - Retail sales miss expectations - Elizabeth Arden plumments after poor Q3 Both the Dow Jones and S&P 500 set new record highs for a second straight session on Tuesday, albeit it with modest gains.

Notably, the S&P 500 temporarily surpassed the 1,900 mark for the first time, following March retail sales data.

The Nasdaq headed in the opposite direction following a strong rise in Monday's session.

David Madden, a Market Analyst at IG, said: 'Equity markets are continuing to register higher highs despite weaker-than-expected retail sales.

I suspect traders are in the bad habit of viewing bad news as good news.

As the US corporate reporting season is winding down investors are focusing on the Federal Reserves soft policy.' That came as Ukraine's Defence Minister said it was in an 'undeclared war' with Russia following the killing of seven of its soldiers by insurgents.

The ministry reported that a convoy was attacked by more than 30 people, according to Interfax.

Retail sales mix expectations On the data front, retail sales grew 0.1% in April following a revised 1.5% increase a month earlier, missing analysts' forecasts for a 0.4% gain. However, the previous month was revised higher from the initial reading of 1.1% and marked the highest rise in four years. 'The 0.1% month-on-month increase in US retail sales in April gets the second quarter off to a soft start and suggests that real consumption growth in the quarter as a whole may be a bit weaker than we previously expected,' Capital Economics said.

The National Federation of Independent Business (NFIB) index of US small business optimism climbed to 95.2 in April from 93.4 in March. Import prices fell by 0.4% month-on-month in April, below the consensus forecast for a 0.3% gain. The latest monthly Bank of America-Merrill Lynch fund manager survey highlighted the fact that average cash levels have jumped to 5% from 4.6%, well above the 4.5% level which fund managers often consider to be a 'contrarian' signal to 'buy'.

The broker further noted how over the past 11 months cash levels have been above 4.4% while the S&P 500 has moved towards 1,875 points from 1,650 points.

A measure of investors' level of fear - the number taking 'below average' portfolio risk - is now the highest since October 2012, it added. AT&T off on reported interest in Direct TV On the company front, DirecTV rallied following reports AT&T has held advanced talks to buy the company for about $50bn.

AT&T, on the other hand, moved lower. McKesson Corp.

rose after posting an increase in fourth quarter profit to $1.58 a share, compared to $1.10 a year earlier.

Pfizer advanced following news the company may increase its bid for AstraZeneca. Keurig Green Mountain Inc.

gained after Coca-Cola Co.

boosted its stake in the firm. Beauty company Elizabeth Arden was a big loser after posting a bigger-than-anticipated third-quarter loss.

The loss for the period totalled $26.4m, compared to a loss of $1.3m in the same period in 2013, hit by a 20% reduction in sales to $210.8m.

The group, which saw its shares fall more than 20%, revealed it had called on Goldman Sachs & Co.

to help it seek out strategic alternatives to boost value for shareholders.

Treasuries back off The 10-year US Treasury yield fell one basis point to 2.61%.

West Texas Intermediate crude futures rose to their highest level in almost three weeks, up 1.1% to $101.70 per barrel, according to NYMEX data.

The price was buoyed by predictions of a weekly decline in supplies, as well as a technical bounce.

S&P 500 - Risers L-3 Communications Holdings Inc.

(LLL) $121.06 +4.50% NetApp Inc.

(NTAP) $34.80 +3.60% McKesson Corp.

(MCK) $180.02 +3.32% Tenet Healthcare Corp.

(THC) $46.04 +3.28% CF Industries Holdings Inc.

(CF) $248.93 +3.00% GameStop Corp.

(GME) $37.85 +2.80% D.


Horton Inc.

(DHI) $23.07 +1.99% Seagate Technology Plc (STX) $50.76 +1.97% Devon Energy Corp.

(DVN) $72.43 +1.96% Freeport-McMoRan Copper & Gold Inc.

(FCX) $35.56 +1.92% S&P 500 - Fallers TripAdvisor Inc.

(TRIP) $86.09 -3.82% Whirlpool Corp.

(WHR) $151.54 -2.78% Regeneron Pharmaceuticals Inc.

(REGN) $283.45 -2.72% Fastenal Co.

(FAST) $48.06 -2.30% Xilinx Inc.

(XLNX) $46.18 -2.24% Salesforce.Com Inc.

(CRM) $52.26 -2.19% Dollar Tree Inc (DLTR) $52.19 -2.10% Charles Schwab Corp.

(SCHW) $26.50 -2.03% AutoZone Inc.

(AZO) $533.06 -1.90% Applied Materials Inc.

(AMAT) $19.11 -1.85% Dow Jones I.A - Risers Microsoft Corp.

(MSFT) $40.42 +1.13% Travelers Company Inc.

(TRV) $92.90 +0.93% Caterpillar Inc.

(CAT) $107.15 +0.89% Merck & Co.


(MRK) $55.75 +0.83% Coca-Cola Co.

(KO) $41.11 +0.71% McDonald's Corp.

(MCD) $103.53 +0.65% Boeing Co.

(BA) $133.45 +0.64% Johnson & Johnson (JNJ) $101.01 +0.49% Chevron Corp.

(CVX) $125.85 +0.49% Goldman Sachs Group Inc.

(GS) $160.28 +0.46% Dow Jones I.A - Fallers Cisco Systems Inc.

(CSCO) $22.86 -1.42% Home Depot Inc.

(HD) $77.27 -1.28% AT&T Inc.

(T) $36.20 -1.01% E.I.

du Pont de Nemours and Co.

(DD) $67.69 -0.73% Verizon Communications Inc.

(VZ) $47.85 -0.64% American Express Co.

(AXP) $89.09 -0.64% Walt Disney Co.

(DIS) $82.08 -0.41% 3M Co.

(MMM) $142.43 -0.27% International Business Machines Corp.

(IBM) $192.19 -0.20% Procter & Gamble Co.

(PG) $81.61 -0.15% Nasdaq 100 - Risers Keurig Green Mountain Inc (GMCR) $119.07 +7.55% NetApp Inc.

(NTAP) $34.80 +3.60% Tesla Motors Inc (TSLA) $190.16 +2.97% Sirius XM Holdings Inc (SIRI) $3.28 +2.34% Seagate Technology Plc (STX) $50.76 +1.97% Staples Inc.

(SPLS) $13.48 +1.85% Expeditors International Of Washington Inc.

(EXPD) $44.60 +1.69% Liberty Global plc Series A (LBTYA) $43.96 +1.41% Catamaran Corp (CTRX) $42.92 +1.20% Wynn Resorts Ltd.

(WYNN) $206.00 +1.14% Nasdaq 100 - Fallers TripAdvisor Inc.

(TRIP) $86.09 -3.82% Nxp Semiconductors Nv (NXPI) $60.71 -3.05% Regeneron Pharmaceuticals Inc.

(REGN) $283.45 -2.72% Tractor Supply Company (TSCO) $64.72 -2.68% Baidu Inc.

(BIDU) $156.07 -2.38% Fastenal Co.

(FAST) $48.06 -2.30% Xilinx Inc.

(XLNX) $46.18 -2.24% Dollar Tree Inc (DLTR) $52.19 -2.10% Vodafone Group Plc ADS (VOD) $37.06 -1.98% Applied Materials Inc.

(AMAT) $19.11 -1.85% NR

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Source: ENP Newswire

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