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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Edwards Lifesciences Corp | NYSE:EW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.19 | 0.22% | 85.25 | 86.95 | 85.20 | 85.85 | 2,327,198 | 01:00:00 |
By Anora Mahmudova and Victor Reklaitis, MarketWatch
Twitter jumps
NEW YORK (MarketWatch) -- U.S. stocks finished a choppy session slightly higher, as the Federal Reserve appeared to soothe fears that it might start raising interest rates sooner than anticipated.
The Fed on Wednesday said the economy is improving but emphasized that significant slack remains in the labor market. The central bank gave no hint of timing of the first rate hike and repeated that it expects that to come a "considerable time" after the end of its bond-buying program.
The S&P 500 (SPX) closed up less than a point at 1,970.08. The Dow Jones Industrial Average (DJI) finished off session lows, but with a loss of 31.75 points, or 0.2% to 16,880.36.
The Nasdaq Composite (RIXF) added 20.20 points, or 0.5%, to 4,462.90 as tech stocks took their cue from New York Stock Exchange-listed Twitter Inc., which soared on stellar results.
Karyn Cavanaugh, senior market strategist at Voya Investment Management, said stronger-than-expected ecpnomic growth in the second quarter, announced ahead of the opening bell, confirmed that the contraction in the first quarter was a fluke.
"The economy is growing, we are adding jobs, consumer confidence is better and even the housing market, despite what other people say is growing, albeit at a slower pace. In this economic environment companies are able to grow their earnings even more, which bodes well for markets," Cavanaugh said.
The U.S. economy sprang back to life in second quarter and expanded at the fastest pace since last fall, fueled by a upturn in consumer spending on big-ticket items such as cars and trucks as well as a sharp rebound in business investment. Separately, private-sector hiring slowed down slightly in July but remained healthy and broad-based.
But investors initially sold stocks on fear that the stronger economy could mean the Fed will raise rates sooner.
Twitter rules
Tech stocks shone amid a buying frenzy in Twitter (TWTR) after the social media network's results blew past forecasts. Its shares leapt 22% as analysts moved up price targets in the wake of blowout results.
Among other stocks, Edwards Lifesciences Corp.(EW) jumped 10% on strong second-quarter earnings.
But Humana(HUM) shares fell 5.6% after the health care insurer's profit came in slightly short of expectations, but sales beat forecasts. (Read more about the day's notable movers here: http://www.marketwatch.com/story/twitter-amex-yelp-among-stocks-to-watch-2014-07-29.)
Spain stocks rise, Russian blue-chip index surges
European stocks closed mostly lower, while Hong Kong stocks rose for a seventh straight session.
The Russia MICEX index of blue-chips surged more than 2% on Wednesday, which one analyst said is because the new sanctions don't affect the country's key gas sector. Some strategists maintain, though, that Russia stocks remain a tricky bet in wake of those sanctions.
In other markets, crude oil (CLU4) and gold (GCQ4) both lost ground. The ICE U.S. dollar index, a measure of the greenback's performance against six other currencies, was at 81.4220 Wednesday, up from 81.2140 Tuesday.
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