Stocks Keep Pushing the Ceiling — Wednesday’s IP Market Recap

by Marc Bastow | April 10, 2013 4:56 pm

InvestorPlace Market Recap[1]The Dow Jones Industrial Average and the S&P 500 kept ripping pages out of the record book Wednesday after an accidental early release of the Fed’s most recent minutes[2] indicated a continuation of its monetary easing policy through mid-2013.

Investors were also encouraged by a report showing a 10% year-over-year increase in trade with China.

The Dow — which was powered by tech components Intel (NASDAQ:INTC[3], +2.5%), Cisco (NASDAQ:CSCO[4], +2%) and Microsoft (NASDAQ:MSFT[5], +2%) — rose 0.88% to set a new high of 14082.24.

Yahoo (NASDAQ:YHOO[6]) and Apple (NASDAQ:AAPL[7]) joined the tech surge after announcing they are in discussions[8] to expand their partnership in Apple’s iOS platform, helping the Nasdaq to a huge 1.83% improvement to 3297.25, and pushing the S&P 500 1.22% to a new high-water mark of 1587.73. Apple and Yahoo each finished up around 2%, with the latter trading around five-year highs.

Facebook (NASDAQ:FB[9]) stock rose nearly 4% after unveiling a new way to monetize user[10]s that involves gathering data from outside the social network, such as spending patterns. Also Wednesday, General Motors (NYSE:GM[11]) said it would start advertising its latest subcompact offering, the Chevrolet Sonic, on the social website, ending a one-year long hiatus[12] from the site.

The day wasn’t as kind to solar panel manufacturer First Solar (NASDAQ:FSLR[13]), which retreated 7% following Tuesday’s massive guidance-fueled run-up. Jinksolar (NYSE:JKS[14], -6.9%) and Sunpower (NASDAQ:SPWR[15], -5.4%) saw similar selloffs.

Computer networking company Adtran (NASDAQ:ADTN[16]) soared nearly 14% on a huge first-quarter earnings beat, while Family Dollar (NYSE:FDO[17]) missed earnings estimates and provided weak forward guidance, yet still saw shares improve more than 1%.

And lastly, homebuilder Taylor Morrison (NYSE:TMHC[18]) started its first day as a public company[19] with a bang, jumping over 4% after pricing at the high end of its range.

Three Up

Three Down

Marc Bastow is an Assistant Editor at As of this writing he is long MSFT, YHOO and AAPL.

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