Stocks March Onward and Upward! — Tuesday’s IP Market Recap

by Marc Bastow | May 14, 2013 5:12 pm

IPMarketRecap Stocks March Onward and Upward!    Tuesdays IP Market Recap[1]Just one day after rumblings that the Fed is planning an eventual exit from QE, the market’s mood shifted on individual earnings reports and a nudge from David Tepper, the founder of hedge fund Appaloosa Management who told CNBC investors shouldn’t be overly concerned[2] about the news.

Momentum shifted back to the upside, and stocks rallied to push the Dow Jones Industrial Average and S&P 500 to still loftier all-time highs.

The S&P 500 led the way, gaining 1.01% to set a new mark at 1650.34, while the Dow rose 0.82% to close at 15215.25. The Nasdaq gained 0.69% to finish at 3462.61.

Bank stocks helped move the ball forward, with Bank of America (NYSE:BAC[3], +2.8%) leading the Dow, while Goldman Sachs (NYSE:GS[4], +3.3%), Citigroup (NYSE:C[5], +2.4%), and JPMorgan (NYSE:JPM[6], +1.1%) also headed higher.

Sony (NYSE:SNE[7]) stock rose over 9% after Third Point hedge fund manager Dan Loeb, who has a 6% stake in the company, announced he was pushing for a spinoff of Sony’s entertainment and life insurance division[8].

Among the few notables who did not enjoy a profitable day was SolarCity (NASDAQ:SCTY[9]) — chaired by Tesla Motors (NASDAQ:TSLA[10]) leader Elon Musk — which sank more than 12% after reporting a wider-than-expected loss and providing weak forward guidance. For the record, TSLA’s big winning streak came to an end as the stock pulled back just more than 5%.

Meanwhile, BlackBerry (NASDAQ:BBRY[11]) shares fell just under 4% after the company unveiled the Q5[12], a lower-cost smartphone aimed at emerging markets.

Earnings notables for Wednesday include Deere (NYSE:DE[13]), Macy’s (NYSE:M[14]) and Cisco (NASDAQ:CSCO[15]).

Three Up

Three Down

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

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