Stocks Continue to Shine Despite Lackluster Data
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Price: $332.76 +1,109,100.00%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.6%
EPS Growth %: +12.0%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.6%
EPS Growth %: +12.0%
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Stocks continued to steadily march higher Tuesday despite bearish economic data on housing and consumer confidence.
The Dow finished up 81 points to 12,279. The Nasdaq added 26 and the S&P 500 rose 9 points.
On the economic front, the S&P/Case-Shiller index for January fell by 3.1 percent from last year, the largest year-over-year drop since December 2009.
Consumer confidence in March fell to a three-month low of 63.4, down from 72 in February and the more modest drop to 65 that economist were expecting.
One of the key overhangs on the market lately has been oil, but today a rally in black gold failed to sway investors. Crude finished floor trading up 0.8 percent to $104.77 per barrel after trading below $103 earlier in the session.
In corporate news, General Electric (NYSE: GE) announced plans to acquire a 90 percent stake in energy solution provider Converteam in a deal valuing the company at $3.68 billion. Shares of GE closed up fractionally at $19.86.
Lennar (NYSE: LEN) dropped 3.4 percent today as a surprise profit from the home builder could not outweigh negative sentiment in the beleaguered housing market.
In other news, just before the close is was announced that a FDA chemist has been busted for insider trading. Allegedly, Cheng Yi Liang illegally traded on confidential information ahead of 27 FDA drug approval decisions.
Telecom stocks continued to shine following last week's AT&T (NYSE: T) deal for T-Mobile. AT&T closed up 2.3 percent to $30.05, just shy of a 52-week high. Verizon (NYSE: VZ) rose 1.4 percent to $38.29, also just shy of a new 52-week high.
The Dow finished up 81 points to 12,279. The Nasdaq added 26 and the S&P 500 rose 9 points.
On the economic front, the S&P/Case-Shiller index for January fell by 3.1 percent from last year, the largest year-over-year drop since December 2009.
Consumer confidence in March fell to a three-month low of 63.4, down from 72 in February and the more modest drop to 65 that economist were expecting.
One of the key overhangs on the market lately has been oil, but today a rally in black gold failed to sway investors. Crude finished floor trading up 0.8 percent to $104.77 per barrel after trading below $103 earlier in the session.
In corporate news, General Electric (NYSE: GE) announced plans to acquire a 90 percent stake in energy solution provider Converteam in a deal valuing the company at $3.68 billion. Shares of GE closed up fractionally at $19.86.
Lennar (NYSE: LEN) dropped 3.4 percent today as a surprise profit from the home builder could not outweigh negative sentiment in the beleaguered housing market.
In other news, just before the close is was announced that a FDA chemist has been busted for insider trading. Allegedly, Cheng Yi Liang illegally traded on confidential information ahead of 27 FDA drug approval decisions.
Telecom stocks continued to shine following last week's AT&T (NYSE: T) deal for T-Mobile. AT&T closed up 2.3 percent to $30.05, just shy of a 52-week high. Verizon (NYSE: VZ) rose 1.4 percent to $38.29, also just shy of a new 52-week high.
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