Closing Bell: Dow Snaps 3-Day Losing Streak on Tech, Commodity Gains

×
new york stock exchange traders wall street stocks earnings investing
Andrew Burton/Getty Images
U.S. equity markets reversed earlier losses and finished higher Thursday, snapping a three-day losing streak for blue chip stocks, thanks in part to a surge in mining and other commodities firms.

The Dow Jones industrial average (^DJI) rose 27 points to close at 15,498, the Standard & Poor's 500 index (^GPSC) inched up 6 points to 1,697 and the Nasdaq composite index (^IXIC) added 15 points to 3,669.

Tech stocks were also prominent among the gainers, with Dow-component Microsoft (MSFT) gaining 2.6 percent to $32.89 on heavy volume. But it was an off day for telecommunications stocks. AT&T (T) and Verizon (VZ) each fell by a fraction of a percent. Dish Networks (DISH) slid almost a percent after the satellite TV provider reported a surprise loss Tuesday.


Groupon (GRPN) soared almost 22 percent to $10.60 after it reported slightly better second-quarter results than analysts expected late Wednesday. It also named its co-founder Eric Lefkofsky as CEO (see video below). Groupon also said it plans to buy $300 million of its own stock during the next two years. The stock has gained more than 90 percent in the past three months.

Tesla Motors (TLSA) jumped 14 percent to $153.46 following news that the maker of electric cars had paid off a loan from the Department of Energy nine years early and blew past Wall Street estimates for its most recent quarter. Revenue soared thanks to stronger sales of its Model S.

J.C. Penney has started looking for a new chief executive officer to replace Myron Ullman, and top investor Bill Ackman has pushed the board to have one named within 30 to 45 days, according to CNBC. Ackman, frustrated by the pace of the CEO search, also said former Penney CEO Allen Questrom had conditionally agreed to rejoin the company as its chairman. Shares of J.C. Penney (JCP) jumped 6.8 percent to $13.67 following CNBC's report.

In economic news, the Labor Department reported that initial claims for jobless benefits rose to 333,000 in the most recent week. But the four-week average of claims, viewed as a better gauge of labor market activity, fell to its lowest level since 2007, before the start of the Great Recession.

The average rate on the 30-year loan edged up to 4.40 percent from 4.39 percent last week, according to mortgage-buyer Freddie Mac. The rate is a full percentage point higher than in early May, when rates neared record lows. But rates remain low by historical standards.

More Stocks in the News:
  • JPMorgan Chase (JPM) slipped 0.9 percent to $54.81, after the bank said it's facing a criminal investigation tied to mortgage-backed bonds.
  • Mondelez International (MDLZ), the maker of Oreo cookies and a stable of former Kraft Foods brands, turned in better quarterly results than analysts expected late Wednesday. The company also announced plans to spend another $5 billion on buying its own stock. Mondelez International gained 4.6 percent to $32.70.
  • AMC Networks (AMCX) shares fell $4.25 to $66.90, after it reported quarterly earnings that fell short of Wall Street expectations. Excluding one-time items, the company, best known for its shows "Mad Men," ''The Walking Dead" and "Breaking Bad," earned 74 cents a share, four cents below the average estimate of analysts surveyed by FactSet. Revenue rose 16 percent to $379.3 million.
  • Shares of Visteon (VC) rose 3.3 percent to $67.00 after the auto-parts supplier posted second-quarter net income that fell 13 percent, but soundly beat Wall Street predictions.
What to Watch Friday:
  • The Commerce Department releases wholesale trade inventories for June at 10 a.m. Eastern time.
  • Progenics Pharmaceuticals (PGNX) reports corporate quarterly earnings.
-Compiled from staff and wire reports.



Increase your money and finance knowledge from home

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

Asset Allocation

Learn the most important step in structuring an investment portfolio.

View Course »

Add a Comment

*0 / 3000 Character Maximum

4 Comments

Filter by:
k4jlp

News Flash:
A green fly broke wind in the Gulf, crude rises 30%...Film at 11.

August 09 2013 at 8:20 AM Report abuse rate up rate down Reply
michael_vici

中国隐秘组织控制纳米分子去虐待人,现在我的头被完全的控制住了,用纳米分子散发出气体或者一定形式的液体来进行头部的控制,并能产生出图像和声音,控制住脑子里的主要部位,去带动脑子去想,让脑子纠结的去想一些无关紧要的小事,不想就不行,天天如此。例如用纳米产生出想法是手脏了,我就想不到别的,只能去反复的洗手。我现在是被虐待的不行了,我想死,可隐秘组织就不让我去细想,想活活不好,想死死不了。还是不断的虐待我。还有没有天理王法,有没有人管管了。对一个人进行不断的精神虐待。 我可以以任何名义发誓包括发毒誓,我没有病。我的手机号码13853788002(中国)

August 09 2013 at 3:40 AM Report abuse rate up rate down Reply
k4jlp

Short the commodity futures...investigations pending on pump and dumps....

August 08 2013 at 9:08 PM Report abuse +1 rate up rate down Reply
pdbliz

Have you heard about WASHINGTON now,,wants to put a tax on e mails to help out post office.!!!!!

WAY TO GO AMERICA,,,YOU PICKED A WINNER.!!!!

August 08 2013 at 5:07 PM Report abuse +2 rate up rate down Reply
1 reply to pdbliz's comment
betty_brock

A wiener.

August 08 2013 at 9:00 PM Report abuse -1 rate up rate down Reply
pdbliz

SMOKE AND MIRRORS...!!!!!!

August 08 2013 at 5:06 PM Report abuse +2 rate up rate down Reply