Tag Archives: Dow Jones Industrial Average

The Market Today, Markets Recover from Fake Tweet

US equities finished nicely higher, courtesy of a plethora of upbeat US earnings reports and a favorable read on new home sales, more than offsetting some disappointing news from across the pond that pressured markets early in the day. However, fear on the Street quickly boiled over midday as a result of a fake AP Tweet alluding to explosions at the White House and an injured President Obama, sending stocks on a 143-point roller-coaster ride downward and back, a blip in trading that only lasted for less than four minutes. Overseas, Chinese manufacturing activity slowed more than expected, and eurozone business activity remained in contraction territory, but sentiment was aided by an upbeat Spanish debt auction, as well as increased speculation of further stimulus from the European Central Bank. Meanwhile, Dow members Travelers Companies and DuPont both bested analysts’ expectations, and profits from Texas Instruments, Netflix, and Coach also beat estimates, while Dow component United Technologies posted mixed results. Treasuries reversed course and moved lower following the upbeat US data, but a separate report showed an unexpected contraction in Mid-Atlantic manufacturing activity. Gold and crude oil prices were lower, while the US dollar was higher.The Dow Jones Industrial Average (DJIA) rose 152 points (1.1%) to 14,719, the S&P 500 Index gained 16 points (1.0%) to 1,579, and the Nasdaq Composite gained 35 points (1.1%) to 3,269. In moderate volume, 684 million shares were traded on the NYSE, and 1.7 billion shares changed hands on the Nasdaq. WTI crude oil declined by a penny to $89.18 per barrel, wholesale gasoline was $0.04 lower at $2.77 per gallon, and the Bloomberg gold spot price fell $13.08 to $1,413.37 per ounce. Elsewhere, the Dollar Index-a comparison of the US dollar to six major world currencies-was 0.4% higher at 83.04