| Stocks Riding a Winning Wave In 2013 |
| Feb-08-2013 |
| Keywords: s&P 500, higher, six weeks, nasdaq, traded deficit, three year low, technology |
Great news on the trade deficit helped to extend the 2013 rally for at least another week.
The Dow Jones Industrial Average gained 49-points on the day. The Nasdaq Composite rose 29-points, closing at its highest level since November 2000. And the S&P 500 closed 9-points higher.
Despite today's gains, the blue chip index logged its first weekly loss in 2013, recording a .1% decline. Both the Nasdaq Composite and the S&P 500 climbed fractionally higher, logging gains for a sixth straight week.
The market today got a boost from news the U.S. trade deficit in December narrowed 20.7% to a near three-year low of $38.5 billion. A big catalyst behind the steeper than expected drop was record high petroleum exports with helped drive overall exports up 2.1% to $186.4 billion. Conversely, imports fell 2.7% as imports of petroleum goods fell to the lowest level since 1997.
The technology sector was a huge source of strength to the stock market today.
Hewlett-Packard led advancers on the Dow Jones Industrial Average, HP's stock closed 2.55% higher. IBM, Intel and Microsoft each gained about 1% on the day. Apple's rebound continues. The iPhone maker closed today's session up 1.6%.
LinkedIn's stock soared 21% after the social networking site late Thursday reported a 66% jump in quarterly profits that easily topped Wall Street estimates.
And the shares of Dell end about 0.75% higher despite news the company's largest institutional investor is opposing the $24.4 billion deal to take the No. 3 PC maker private. Southeaster Asset Management contending that Dell's stock is worth $24 a share, well above the offered buyout price of $13.65 a share. |
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Posted by Lou Dobbs Staff at 2:00 PM Email to a friend |
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