by Marc Bastow | June 26, 2013 4:56 pm
Let’s see if we have this right: Bad news on the economic front, in the form of a weaker-than-expected GDP report from the Commerce Department, lifted the stock market higher.
Yes indeed, that’s correct: Investors took the news as as sign that the Fed would hold off any move to “taper” its easing policy, and the result was a second straight day of broad gains.
The Dow Jones Industrial Average led the way, rising 1.02% to close at 14910.40, with all but two components up on the day. The S&P 500 rose 0.96% to 1503.26, while the Nasdaq managed to gain 0.85% to close at 3376.22.
In sector news, gold prices fell to a 34-month low of just over $1,223 an ounce, and gold mining companies saw shares fell. Barrick Gold (ABX, -8.26%), Goldcorp (GG, -4.65%) and Yamana Gold (AUY, -4.60%) were all down on the day. The SPDR Gold Shares Trust ETF (GLD) lost more than 4% and is now down 27% year-to-date.
In corporate news, shares of internet radio provider Pandora (P) rose more than 8% after Cowan upgraded the company shares to “outperform”.
Apollo Group (APOL), which owns for-profit University of Phoenix, slid more than 10% after reporting disappointing quarterly profits. Sector mate and competitor Strayer (STRA) slid a bit more than 3% on the news.
Shares of gun manufacturer Smith & Wesson (earnings and sales guidance well above forecasts, and indicating it can’t fill demand.
Consumer foods product giant General Mills (
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he did not hold a position in any of the aforementioned securities.
Source URL: http://investorplace.com/2013/06/wednesdays-ip-market-recap-abx-gc-gld-swhc-gis-p/
Short URL: http://investorplace.com/?p=366009
Copyright ©2013 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.