Doubly Good Day for the Dow — Thursday’s IP Market Recap

by Marc Bastow | March 14, 2013 5:15 pm

InvestorPlace Market Recap[1]The Dow Jones Industrial Average left a couple more records in its wake Thursday — not only yet another all-time high, but its 10th straight day of advances beat the nine straight days it moved forward in 1996.

The Dow and the rest of the market had good news on unemployment[2] in part to thank. The DJIA powered ahead 0.58% to 14,539.14, while the S&P 500 continued to close in on its October 2007 record, closing at 1,563.23, and the Nasdaq added 0.43% to close at 3,258.93.

The Dow was led by Hewlett-Packard (NYSE:HPQ[3]) which jumped nearly 3% to extend its 2013 gains to 50%. Both IBM (NYSE:IBM[4]) and Chevron (NYSE:CVX[5]) managed to move more than 1.5% higher to help the cause.

One of the biggest movers of the day was Men’s Wearhouse (NYSE:MW[6]), which roared ahead by more than 18% after announcing a $200 million stock buyback program and providing analysts with positive forward guidance.

On the other side of the ledger, ETRADE (NASDAQ:ETFC[7]) fell off more than 8% as Citadel LLC — owner of almost 10% of ETRADE — sold out of its position entirely.

Meanwhile, Blackberry (NASDAQ:BBRY[8]) beat a hasty retreat from Wednesday’s gains, falling over 3% on no particular negative news.

And lastly, McDonald’s (NYSE:MCD[9]) filled a slow news day by announcing it will offer a 250-calorie Egg McMuffin[10] breakfast sandwich starting in April. Wall Street shrugged, with MCD shares finishing marginally lower.

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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  2. good news on unemployment:
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  10. it will offer a 250-calorie Egg McMuffin:
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