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Retail Keeps Rally Going — Wednesday’s IP Market Recap

Commerce report propels markets ahead again

   

IPMarketRecap Retail Keeps Rally Going    Wednesday's IP Market Recap The markets manged to end in the black again on Wednesday, moving the Dow ahead for a ninth straight day as the S&P once again started working towards a new high.

When all was said and done, the Dow Jones Industrial Average closed up fractionally to a new high of 14,455.28, while the S&P 500 moved up 0.13% to 1,554.52, and the Nasdaq gained 0.09% to close at 3,245.12.

Helping that upwards movement was strong retail news from the Commerce Department in the form a report showing a 1.1% increase in February sales. That drove the sector higher, with  Zumiez (NASDAQ:ZUMZ), +8.65%), Francesca’s (NASDAQ:FRAN, +4.81%),  Michael Kors (NYSE:KORS, +3.96%), and Abercrombie & Fitch (NYSE:ANF, +2.68%) among the big gainers.

Facebook (NASDAQ:FB) and Netflix (NASDAQ:NFLX) announced a partnership that will allow U.S. Netflix users to share viewing habits with their friends on Facebook — a service already available in other markets. The news sent Netflix shares ahead over 5% on the news, while FB shares fell just under 3% by the close.

Staples (NASDAQ:SPLS) continued a recent run after announcing earnings last week, rising just over 4% on the day and bringing its gained to the double-digits for the last week. On the other side of things, eBay (NASDAQ:EBAY) continued a recent slump, dropping almost 4% on no particular news. Ebay is down just under 11% over the last month.

Three Up

  • Dreamworks (NASDAQ:DWA): Up 8.43% ($1.49) to $19.17
  • VMware (NYSE:VMW): Up 8.08% ($6.08) to $81.37
  • Yelp (NYSE:YELP): Up 5.44% ($1.29) to $25.02

Three Down

  • Qihoo (NYSE:QIHU): Down 5.68% ($1.78) to $29.56
  • Molycorp (NYSE:MCP): Down 4.48% (28 cents) to $5.97
  • Valero (NYSE:VLO): Down 4.68% ($2.13) to $43.42

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


Article printed from InvestorPlace Media, http://investorplace.com/2013/03/wednesdays-ip-market-recap-2-zumz-fran-kors-anf-fb-nflx/.

©2014 InvestorPlace Media, LLC

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