The Dow Jones Industrial Average rose 0.24% to end at 12,318.14, recording its highest close since June 5, 2008. 20 out of 30 stocks of the blue chip index rose with Coca Cola Co (NYSE:KO) gaining 1.81% to close at $64.55, making it the top gainer of the Dow. The Standard & Poor’s 500 Index increased 0.3% to 1,340.43 registering its highest close since June 19, 2008. The tech-laden Nasdaq Composite gained 0.2% to close at 2,831.58. The Nasdaq gained 6.02 points and closed at its highest mark since October 31, 2007. The CBOE Volatility Index fell below 17. On the New York Stock Exchange, breadth of the market was positively biased as for every 3 stock that fell, 5 stocks ended in the green with 3.7 billion shares being traded.
The Philadelphia Federal Reserve index which measures manufacturing activity increased 35.9 for February from 19.3 recorded in January. In a separate report, the Labor Department said initial claims rose 25,000 to a total of 410,000 last week. The Conference Board reported of an increase in leading indicators figures for January. The index increased for the seventh consecutive months climbing 0.1% to 112.3 after rising 0.8% in December. In other news, the Labor Department said consumer prices rose more than expected as the CPI gained 0.4% in January. The report said there was a possibility that higher food and fuel costs are directly affecting costs of other goods and services. Excluding volatile food and energy price, the core CPI rose 0.2%.
Coming to news of earnings and estimates, shares of Nvidia Corp (NASDAQ:NVDA) gained 9.8% after the chip maker released bullish revenue forecasts thanks to growing sales of its processors. Fourth quarter profits of Weight Watchers (NYSE:WTW), a provider of weight management services have more than doubled due to higher sales in its Internet business segment. The company’s share prices rocketed up 45.57% to close at $65.39. Cliffs Natural Resources (NYSE:CLF) shares rose 7.15% to $99.52 after the company reported its fourth quarter earnings results. Better sales have helped its quarterly profits to grow to nearly triple beating analysts’ expectations. Dr Pepper Snapple (NYSE:DPS) reported its fourth quarter earnings results beating Street’s’ expectations. The company’s share prices increased 5.69% to $36.20 after the company forecasted a positive outlook. Share prices of Duke Energy (NYSE:DUK) gained 2.37% although the company’s earnings results came in short of analyst’s expectations.
CLIFFS NATURAL (CLF): Free Stock Analysis Report
CONOCOPHILLIPS (COP): Free Stock Analysis Report
DR PEPPER SNAPL (DPS): Free Stock Analysis Report
DUKE ENERGY CP (DUK): Free Stock Analysis Report
EASTMAN CHEM CO (EMN): Free Stock Analysis Report
EL PASO CORP (EP): Free Stock Analysis Report
COCA COLA CO (KO): Free Stock Analysis Report
MARATHON OIL CP (MRO): Free Stock Analysis Report
NVIDIA CORP (NVDA): Free Stock Analysis Report
SUNCOR ENERGY (SU): Free Stock Analysis Report
WILLIAMS COS (WMB): Free Stock Analysis Report
WEIGHT WATCHERS (WTW): Free Stock Analysis Report
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