US close: S&P 500 turns 'dovish' for the year

Sharecast

LONDON (ShareCast) - - S&P 500 turns higher for the year
- Yellen indicates tapering not on automatic pilot

Dow Jones Industrials: 0.46%
Nasdaq Composite: 0.63%
S&P 500: 0.48%

The main US stock market gauges ended the day on a slightly positive note following fairly dovish remarks from Fed Chair Janet Yellen before the Senate Banking Committee to the effect that 'tapering' is not on a pre-set course, rather it will be adapted if necessary.

That allowed investors to push the benchmark S&P 500 into the blue for the year.

Nevertheless, the latest macroeconomic indicators were fairly mixed.

Thus, jobless claims increased by 14,000 to 348,000 in the week ended February 22nd, from 334,000 in the prior period, a Labor Department report showed today. Economists had expected 335,000 claims.

The Federal Reserve is closely monitoring the labour market to gauge the health of the world's biggest economy ahead of its next policy. Fed Chair Yellen has indicated that the Fed is likely to continue reducing monthly asset purchases at each meeting until ending it all together later this year.

"A third consecutive month of weak payroll growth in February would raise speculation that the Fed will pause the tapering of its asset purchases," Capital Economics said. "But because any weakness this month was probably due to the unusually bad weather, we believe the Fed will stick to its current tapering plans."

In other US news, a report showed durable goods orders fell less than expected in January. Orders dropped 1% compared to a fall of 5.3% in December. Analysts predicted a decrease of 1.7%.

J.C. Penney, GM (NYSE: GM - news)

J.C. Penney advanced after saying same-store sales will increase by a mid-single digit percentage and gross margin will "significantly" improve this year.

General Motors declined as US regulators said they are investigating why the automaker took years to recall 1.6m small cars over an ignition-switch defect.

Inovio Pharmaceuticals Inc (AMEX: INO - news) . dropped as the drug researcher and developer said it will sell additional common stock.

Best Buy (Berlin: BUY.BE - news) gained after the US retailer reported a better-than-expected quarterly profit on Thursday and announced more aggressive cost cuts this year.

Front month West Texas crude futures are off by 0.42% to the $101.97/barrel mark on the NYMEX.

Ten-year US Treasury yields are edging higher by one basis point to 2.65%.

S&P 500 - Risers
Mylan Inc (NasdaqGS: MYL - news) . (MYL) $56.27 +9.43%
First Solar Inc (Xetra: F3A.DE - news) . (FSLR) $57.19 +8.44%
Sears Holdings Corp. (SHLD) $43.01 +6.46%
Salesforce.Com Inc. (CRM) $66.22 +3.89%
Peabody Energy Corp (NYSE: BTU - news) . (BTU) $17.57 +3.72%
CONSOL Energy Inc (NYSE: CNX - news) . (CNX) $40.11 +3.14%
Adobe Inc. (ADBE) $69.92 +3.10%
Invesco Ltd (NYSE: IVZ - news) . (IVZ) $34.12 +3.05%
Textron Inc (NYSE: TXT - news) . (TXT (Taiwan OTC: 4969.TWO - news) ) $39.89 +2.81%
Cliffs Natural Resources Inc (NYSE: CLF - news) . (CLF) $20.36 +2.78%

S&P 500 - Fallers
Marathon Petroleum (MPC (KOSDAQ: 050540.KQ - news) ) $84.15 -4.42%
Valero Energy Corp. (VLO) $48.51 -4.36%
AES Corp. (AES (Frankfurt: AES.F - news) ) $13.78 -2.75%
Phillips 66 Common Stock (PSX) $74.74 -2.63%
GameStop Corp (NYSE: GME - news) . (GME) $37.25 -2.15%
Fossil Group Inc (NasdaqGS: FOSL - news) (FOSL) $117.34 -1.75%
Cerner Corp (Frankfurt: CRE.F - news) . (CERN) $61.21 -1.56%
Lam Research Corp (Frankfurt: LAR.F - news) . (LRCX) $51.83 -1.52%
Tesoro Corp. (TSO (HKSE: 8145.HK - news) ) $50.73 -1.44%
VF Corp. (VFC) $58.99 -1.40%

Dow Jones I.A - Risers
Verizon Communications Inc (LSE: VZC.L - news) . (VZ) $47.50 +2.48%
Goldman Sachs Group Inc. (GS (KSE: 078935.KS - news) ) $165.38 +1.58%
Boeing Co (NYSE: BA - news) . (BA) $128.56 +1.54%
3M Co. (MMM) $134.34 +1.11%
Microsoft Corp. (MSFT) $37.86 +1.04%
General Electric Co. (GE) $25.50 +0.79%
Pfizer Inc (NYSE: PFE - news) . (PFE) $32.23 +0.75%
E.I. du Pont de Nemours and Co. (DD) $66.00 +0.75%
AT&T Inc (NYSE: T - news) . (T) $32.23 +0.72%
Merck & Co. Inc (Xetra: 6MK.DE - news) . (MRK) $56.66 +0.69%

Dow Jones I.A - Fallers
McDonald's Corp. (MCD) $95.08 -0.84%
Caterpillar Inc (NYSE: CAT - news) . (CAT (Taiwan OTC: 4990.TWO - news) ) $96.70 -0.51%
Nike Inc (NYSE: NKE - news) . (NKE) $78.02 -0.51%
Wal-Mart Stores Inc. (WMT) $74.56 -0.29%
Intel Corp. (INTC) $24.76 -0.16%
JP Morgan Chase (Other OTC: JFTTL - news) & Co. (JPM) $56.69 -0.11%
Unitedhealth Group Inc. (UNH) $76.02 -0.05%
Cisco Inc. (CSCO) $21.92 -0.05%

Nasdaq 100 - Risers
Mylan Inc. (MYL) $56.27 +9.43%
Baidu Inc (Xetra: B1C.DE - news) . (BIDU) $178.92 +3.48%
Adobe Inc. (ADBE) $69.92 +3.10%
Garmin Ltd (NasdaqGS: GRMN - news) . (GRMN) $53.55 +2.68%
Fastenal Co. (FAST) $47.57 +2.59%
Charter Communications Inc (NasdaqGS: CHTR - news) . (CHTR) $124.14 +2.38%
Sba Communications Corp (NasdaqGS: SBAC - news) . (SBAC) $94.89 +2.26%
Yahoo (TLO: YA-U.TI - news) ! Inc. (YHOO) $38.47 +2.26%
Wynn Resorts Ltd (NasdaqGS: WYNN - news) . (WYNN) $241.96 +2.14%
Akamai Technologies Inc (NasdaqGS: AKAM - news) . (AKAM) $62.74 +2.05%

Nasdaq 100 - Fallers
Catamaran Corp (CTRX) $46.17 -10.89%
Green Mountain Coffee Roasters Inc (Xetra: 887856 - news) . (GMCR) $112.89 -2.76%
Cerner Corp. (CERN) $61.21 -1.56%
Staples Inc (NasdaqGS: SPLS - news) . (SPLS) $13.44 -1.18%
Dollar Tree Inc (NasdaqGS: DLTR - news) (DLTR) $54.66 -1.14%
Nvidia Corp. (NVDA) $18.50 -1.12%
Bed Bath & Beyond Inc (NasdaqGS: BBBY - news) . (BBBY) $67.40 -1.09%
Western Digital Corp. (WDC) $88.42 -0.96%
Vertex Pharmaceuticals Inc. (VRTX) $83.16 -0.94%
Avago Technologies Ltd. (AVGO) $61.38 -0.84%

AB

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