Data Drives the Rally — Tuesday’s IP Market Recap

by Marc Bastow | March 26, 2013 4:53 pm

[1]Investors shrugged off any lingering concerns over Cyprus on Tuesday and instead focused on several pieces of good news on the economy, sending U.S. stocks to a broad-based rally that saw the S&P 500 come within striking range of its October 2007 high.

The S&P Case-Shiller Index improved 8.1% in January, marking its best year-over-year gain in more than six years. The country also saw a 12% YOY improvement in new home sales, to 411,000 in February. For the same month, the Commerce Department reported a 5.7% jump in durable goods orders.

The S&P 500 finished up 0.78% to 1,563.77, the Dow Jones Industrial Average rose 0.77% at 14,559.49, and the Nasdaq gained 0.53% to finish at 3,252.48.

Two technology stocks led the Dow, with Intel (NASDAQ:INTC[2], +2.8%) and Hewlett-Packard (NYSE:HPQ[3], +2.3%) both up on no particular news.

Boeing (NYSE:BA[4]) shares soared ahead just more than 2% after completing its first test flight of the Dreamliner 787 since implementing a redesign of its faulty battery system.

Shares of Netflix (NASDAQ:NFLX[5]) rose over 5% as analysts at Pacific Crest upped their NFLX price target from $160 to $225 per share. NFLX closed under $200.

Despite the positive news on the housing data front, homebuilding stocks mostly headed south. Among Tuesday’s losers were Hovnanian (NYSE:HOV[6], -3.1%), D.R. Horton (NYSE:DHI[7], -2.7%) and Toll Brothers (NYSE:TOL[8], -1.9%).

Finally, Dollar General (NYSE:DG[9]) kept up its momentum from Monday’s upbeat earnings[10] announcement, climbing better than 2% on the day. Shares of sector mate Dollar Tree (NASDAQ:DLTR[11]) followed suit and then some, improving nearly 3%.

Three Up

• GT Advanced Technologies (NASDAQ:GTAT[12]): Up 12.8% (34 cents) to $3.
• Broadsoft (NASDAQ:BSFT[13]): Up 4.6% ($1.23) to $28.12.
• Monsanto (NYSE:MON[14]): Up 4.4% ($4.39) to $103.79.

Three Down

• Hawaiian Holdings (NASDAQ:HA[15]): Down 6.25% (39 cents) to $5.85.
• Molycorp (NYSE:MCP[16]): Down 5.6% (32 cents) to $5.35.
• Arena Pharmaceutical (NASDAQ:ARNA[17]): Down 4.8% (41 cents) to $8.12.

Marc Bastow is an Assistant Editor at Invest0rPlace.com. As of this writing he does not hold a position in any of the aforementioned securities.

Source URL: https://investorplace.com/2013/03/tuesdays-ip-market-recap-ba-jhpq-intc-dg-dltr/

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