After Market: All Signs Pointed Upward, and Stocks Followed

×

A trio of upbeat economic reports drove the market higher Tuesday, with the S&P capturing another record. Reports on consumer confidence, orders for durable goods and home prices all pointed towards better economic growth.

The Dow Jones industrial average (^DJI) gained 69 points, the Nasdaq composite (^IXIC) rose 51, and the Standard & Poor's 500 index (^GPSC) added another 11 points to the record high set Friday.

Apple (AAPL), the biggest stock on the S&P, rose nearly 2 percent to its highest level since it peaked about a year and a half ago. Several reports say the company is about to roll out new software that would allow the iPhone to control household appliances, lights and thermostats -- what's becoming known as the "internet of things." Apple now has a market value of more than half a trillion dollars.

Among other Nasdaq leaders, Google (GOOG) gained more than 2 percent, Facebook (FB) rose 3½ percent and Priceline (PCLN) gained 5 percent, but Amazon (AMZN) and Netflix (NFLX) both ended lower.

Biotechs Biogen (BIIB), Celgene (CELG), and Regeneron (REGN) all gained about 3½ percent and Jazz Pharmaceuticals (JAZZ) rose 5 percent. But Durata Therapeutics (DRTX) dropped more than 10 percent. Analysts says it's one of those "buy on the rumor, sell on the news" stories. The company received FDA approval for a key drug. Even after today's drop, Durata has still doubled in price over the past year.

But gold stocks lost some of their luster as the precious metal got hammered. AngloGold (AU) fell 6½ percent.

Elsewhere, Bank of America (BAC) rose 3½ percent after resubmitting its capital plan to the Federal Reserve. It was one of the few big banks to have its plan rejected earlier this year.

Aeropostale (ARO) jumped 15 percent after completing a $150 million financing pact with a private equity firm, but shares of the teen retailer are still down 73 percent from a year ago.

Shares of Spherix (SPEX), an intellectual property firm, nearly doubled in price after a Senate committee dropped consideration of a patent reform bill that could have decimated its business.

Barnes & Noble (BKS) rose 9 percent after a Barron's report said the stock could double in price.

And Analog Devices (ADI) fell 12 percent after lowering its earnings outlook.

What to Watch Wednesday:
  • Germany's Federal Labor Agency releases May unemployment figures.
  • The European Commission releases a long-range plan for securing the EU's energy supplies.
-Produced by Drew Trachtenberg.


Increase your money and finance knowledge from home

Basics of Diversification

Learn one of the fundamental concepts of building a portfolio.

View Course »

Asset Allocation

Learn the most important step in structuring an investment portfolio.

View Course »

Add a Comment

*0 / 3000 Character Maximum

6 Comments

Filter by:
teaparty2implode

Billionaires' Tea Party, The
How Corporate America is Faking a Grassroots Revolution

Shortly after Barack Obama and a Congressional Democrats swept to power promising a new era of hope and change, a citizens protest movement emerged threatening to derail their agenda. The Tea Party was widely hailed as a exercise in grassroots democracy. But others saw it as a classic example of "astroturfing," a public relations charade designed to mimic a populist revolt. Curious to find out for himself, Australian filmmaker Taki Oldham decided to travel into the heart of the movement. The result is this astonishing look at how moneyed elites have been exploiting legitimate voter outrage to advance their own narrow interests. Oldham takes us inside town hall meetings where angry voters parrot insurance industry PR; finds "citizen groups" working to debunk climate change that are funded by big oil companies; and peels back a movement's down-home image to discover a coordinated network of right-wing shadow groups funded by the likes of billionaire ideologue Charles and David Koch. At once a record of our political moment, and a stunning case study in the power of public relations.

(Previously known as AstroTurf Wars.)

Filmmaker Info
Camera, Director, Editor, Producer: Taki Oldham
Voiceover Recording Engineer: Davide Carbone
Additional Editing: Bergen O'Brian
Additional Graphics: Daniel Nicholas

Press Reviews
Vermont Commons

Praise for the Film
"Taki Oldham's documentary is journalism at its best. I wish every American could see it before the election. I just watched it and am even more concerned about the future of our democracy than ever before."
- Wendell Potter | Author of Deadly Spin: An Insurance Industry Insider Speaks Out on How Corporate PR is Killing Health Care and Deceiving Americans.

May 28 2014 at 12:01 AM Report abuse rate up rate down Reply
createidea

Reports on consumer confidence, orders for durable goods and home prices all pointed towards better economic growth......

LOL !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Yeah, sure.

May 27 2014 at 7:50 PM Report abuse +2 rate up rate down Reply
1 reply to createidea's comment
Leroy Gd

The numb nut lefty liberals believe everything the huff puff/aol excrement pushers tell them. Yep they are really that stupid.

May 27 2014 at 9:09 PM Report abuse +2 rate up rate down Reply
skoomobru

On a side note; what's the deal with the clown face chick on "The Five"? I can't tell if she is 35 or 55.

May 27 2014 at 7:10 PM Report abuse -1 rate up rate down Reply
ign.cmk

The markets closed up. Uh oh. This isn't going to make the BAGGERS very happy. They abhor good news.

May 27 2014 at 4:51 PM Report abuse +2 rate up rate down Reply
1 reply to ign.cmk's comment
Leroy Gd

Coming from a numb nut lefty liberal, that really means nothing.

May 27 2014 at 9:03 PM Report abuse -1 rate up rate down Reply