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Share Name | Share Symbol | Market | Type |
---|---|---|---|
J C Penney Company Inc | NYSE:JCP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.1819 | 0 | 01:00:00 |
By Anora Mahmudova and Barbara Kollmeyer, MarketWatch Strategist says a short-term correction is coming
NEW YORK (MarketWatch) -- U.S. stock prices edged higher, boosted by better-than-expected quarterly results, from the likes of Wal-Mart Stores Inc., and reports of a few high-profile mergers, including Berkshire Hathaway's move to purchase battery maker Duracell.
The S&P 500 (SPX) and the Dow Jones Industrial Average (DJI) hit intraday record highs in early trade. The Nasdaq Composite (RIXF) advanced to the highest levels in more than 14 years.
Record levels on the S&P 500 is sparking a debate among strategists, who have been consistently talking about the index's fast recovery from the pullback last month. In just 12 sessions, the index, which fell nearly 10% on an intraday basis, has bounced back from the bottom it hit on October 15. Low volatility and bullish investor sentiment are among five red flags that the stock market's record run is raising for some.
Nour Al-Hammoury, chief market strategist at ADS Securities, said the U.S. market is "heavily overbought" and he expects another short-term pullback in the next few days, especially without big economic data. Support levels to watch on the S&P 500 include 2,024, then 2,019, with a break of both leading to the 1key psychological barrier of 2,000, he said.
For the Dow industrials, Al-Hammoury is watching support at 17,408 and then 17,350. "We still believe that the current high could well be the last 'false' rally before the major correction, similar to what happened after the end of QE1 and QE2. Therefore, selling rallies remains our short term preferred strategy," he said in a note. Read: Don't get suckered by stock market's winning streak
Need to Know: Alibaba smacks of Twitter and how to ride the closing ramp to profits
Weekly jobless claims and retailers: The number of people who applied for unemployment benefits last week posted the biggest increase in two months, but initial claims are still exceedingly low amid an uptick in hiring and relatively few layoffs.
Next on the data calendar are job openings for September at 10 a.m. Eastern and the October Federal budget at 2 p.m. Eastern.
Retailers are going to be in the spotlight, with Wal-Mart shares rose (WMT) after third-quarter earnings and sales beat forecasts.
Kohl's Corp. fell (KSS) after sales and earnings missed forecasts for the third quarter. Nordstrom Inc. (JWN) will also report. Read Movers & Shakers
Shares of J.C. Penney slid (JCP) after third-quarter sales missed already reduced expectations, though its loss was smaller than expected.
Cisco Systems Inc. (CSCO) initially fell, but rebounded and was trading higher after the network-technology company posted a profit fall.
Viacom Inc. (VIA) rose after reporting fiscal fourth-quarter net profit of $732 million, or $1.72 a share, compared with earnings of $804 million, or $1.68 a share, in the year-earlier period.
Deal talk was driving a 16% gain for shares of DreamWorks (DWA) after The Wall Street Journal said toy maker Hasbro Inc. (HAS) is in early talks to buy the animation studio, citing persons familiar with the matter. Hasbro shares fell.
No letup for oil prices: Crude(CLZ4) continued to fall in the wake of comments by Saudi Arabia's oil minister on Wednesday. Gold(GCZ4) made marginal gains, but was kept in check by the dollar(USDJPY), which stayed well above Yen115. The yen also fell as Japanese stocks extended a three-day winning streak, with the Nikkei 225 hitting a seven-year high.
European stocks tracked global stocks higher, with the FTSE 100 also advancing. Read: European stocks could be gearing up for a big rally.
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