Stocks logged a gain on the day of March, but still finished off their best levels following some unconfirmed reports, later denied, of a Saudi pipeline explosion.
Approximately 40 minutes before the market closed, an Iranian media report of an explosion on an unknown Saudi oil pipeline propelled crude prices to over $110 a barrel, while pushing stocks briefly into negative territory.
Shortly after the market closed, Saudi industry sources denied the report.
Stocks had been higher for most of the session, buoyed by a strong weekly jobless claims report and as investors seemed to overlook weaker-than-expected manufacturing news.
Major U.S. Indexes
The Dow Jones Industrial Average gained 28.23 points, or 0.22 percent, to close at 12,980.30, led by JPMorgan [JPM 40.37 
1.13 (+2.88%) ] and Pfizer [PFE 21.49 0.365 (+1.73%) ] .
1.13 (+2.88%) ] and Pfizer [PFE 21.49 0.365 (+1.73%) ] .
The S&P 500 rallied 8.41 points, or 0.62 percent, to finish at 1,374.09. The Nasdaq rose 22.08 points, or 0.74 percent, to end at 2,988.97.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, ended below 18.
Most S&P sectors finished in positive territory, led by materials and banks.
On the economic front, weekly claims unemployment benefit declined by 2,000 to a seasonally adjusted 351,000 in the previous week to hold near a four-year low, according to the Labor Department. The four-week moving average for new claims fell 5,500 to 354,000—the lowest level since March 2008.
And personal income gained 0.3 percent in January, according to the Commerce Department. Inflation-adjusted consumer spending has now been unchanged for three straight months.
Meanwhile, the pace of growth in the manufacturing sector unexpectedly slowed down to 52.4 in February, snapping a three-month gaining streak, according to the Institute for Supply Management.
Adding to woes, construction spending fell 0.1 percent in January for the first time in six months, according the Commerce Department said on Thursday.
“The next catalyst for stocks will be economic data, but they won’t be as rosy as what we’ve seen in recent months,” said Bruce McCain, chief investment strategist at Key Private Bank. “We’re cautious that the economy around the world may slow, so numbers may disappoint and if things break the wrong way—for example, if gasoline prices hit $5—you can see a sharp deceleration in U.S. economy and Europe.”
Financials gained after Nomura raised its price targets and first-quarter earnings views on Bank of America [BAC 8.12 0.15 (+1.88%) ] , Goldman Sachs [GS 121.13 5.99 (+5.2%) ] , Citigroup [C 34.13 0.81 (+2.43%) ] and JPMorgan [JPM 40.37 1.13 (+2.88%) ] .
0.15 (+1.88%) ] , Goldman Sachs [GS 121.13 5.99 (+5.2%) ] , Citigroup [C 34.13 0.81 (+2.43%) ] and JPMorgan [JPM 40.37 1.13 (+2.88%) ] .
Retailers were higher after most stores posted stronger-than-expected sales for February, thanks to a gain in consumer confidence. Limited Brands [LTD 46.45 
-0.08 (-0.17%) ] , Target [TGT 56.76 0.07 (+0.12%) ] and Macy's [M 38.85 0.88 (+2.32%) ] were among the outperformers.
-0.08 (-0.17%) ] , Target [TGT 56.76 0.07 (+0.12%) ] and Macy's [M 38.85 0.88 (+2.32%) ] were among the outperformers.
Gap [GPS 25.05 1.69 (+7.23%) ] surged to lead the S&P 500 leaders after the clothing chain posted its first increase in eight months.
1.69 (+7.23%) ] surged to lead the S&P 500 leaders after the clothing chain posted its first increase in eight months.
Meanwhile, Wal-Mart [WMT 58.82 -0.26 (-0.44%) ] edged higher after the big-box retailer boosted its annual dividend by 9 percent to $1.59 a share.
-0.26 (-0.44%) ] edged higher after the big-box retailer boosted its annual dividend by 9 percent to $1.59 a share.
Among earnings, Kroger [KR 24.44 0.65 (+2.73%) ] gained after the supermarket chain reported results that beat expectations.
0.65 (+2.73%) ] gained after the supermarket chain reported results that beat expectations.
Ford [F 12.66 0.28 (+2.26%) ] reported February auto sales that gained 14.4 percent, but the result was still lower than the 18.3 percent increase that analysts expected. Rivals General Motors [GM 26.47 0.45 (+1.73%) ] and Toyota [TM 83.07 0.36 (+0.44%) ] are scheduled to post results throughout the day.
0.28 (+2.26%) ] reported February auto sales that gained 14.4 percent, but the result was still lower than the 18.3 percent increase that analysts expected. Rivals General Motors [GM 26.47 0.45 (+1.73%) ] and Toyota [TM 83.07 0.36 (+0.44%) ] are scheduled to post results throughout the day.
Research In Motion [RIMM 13.58 -0.585 (-4.13%) ] tumbled after Jefferies & Co. said the Blackberry maker is likely to pre-announce poor February quarter results and forecast a weak May quarter due to falling sales.
-0.585 (-4.13%) ] tumbled after Jefferies & Co. said the Blackberry maker is likely to pre-announce poor February quarter results and forecast a weak May quarter due to falling sales.
Advanced Micro Devices [AMD 7.51 0.16 (+2.18%) ]
0.16 (+2.18%) ]
Pfizer [PFE 21.49 0.365 (+1.73%) ] gained even after the FDA pushed back the deadline for deciding whether to approve the drugmaker's experimental anticlotting drug Eliquis, co-developed with Bristol-Myers Squibb [BMY 32.64 0.47 (+1.46%) ] .
0.365 (+1.73%) ] gained even after the FDA pushed back the deadline for deciding whether to approve the drugmaker's experimental anticlotting drug Eliquis, co-developed with Bristol-Myers Squibb [BMY 32.64 0.47 (+1.46%) ] .
Fed chairman Ben Bernanke was back on Capitol Hill for his semi-annual economic testimony, this time before the Senate Banking Committee. The chairman dashed hopes for further monetary stimulus during his speech on Wednesday, which put pressure on the stock market.
European shares were higher on positive investor sentiment about the impact of this week's ECB cash injection on the banking sector and peripheral countries such as Italy.
—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC—
Coming Up This Week:
FRIDAY: Fed's Bullard speaks, Yelp set to trade
More From CNBC.com:
No comments:
Post a Comment