by Kyle Woodley | March 15, 2012 5:00 pm
While not a rip-roaring day for the markets, the S&P 500 cleared yet another landmark — 1,400, just days after beating technical resistance at 1,375 — with financials and a number of other stocks leading the way.
A number of bank stocks were headed higher, continuing to ride the momentum of Tuesday’s Fed “stress test” results. JPMorgan (NYSE:JPM), which was among several financial stocks increasing dividends this week, gained 2.5%. BB&T (NYSE:BBT) and Wells Fargo (NYSE:WFC), which also boosted their payouts, were up a respective 2.6% and 2.1%. Bank of America (NYSE:BAC), which passed the stress test but declined to increase its dividend, gained 4.5%.
Also up big today was Scholastic (NASDAQ:SCHL), publisher of the hit book series The Hunger Games, which also will hit movie screens on the back of Lions Gate Entertainment (NYSE:LGF). Scholastic trimmed losses in the most recent quarter by about 90% to $3.2 million, while revenues of $467 million were up 22%. The company also raised its full-year earnings forecast to $2.60 to $2.90 per share from its earlier projections for $1.75 to $2.10 per share. SCHL finished the day up almost 13%.
The markets went crazy over yet another cloud IPO — this time Demandware (NYSE:DWRE), a player that facilitates e-commerce. Demandware surged more than 50% throughout the day from its $16 issuing price, and finished the day at $23.85.
Kyle Woodley is the assistant editor of InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here.
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