Wednesday Closing Bell: Markets Close Mixed Again as Momentum Stocks Fade

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By Paul Ausick Published
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November 6, 2013: U.S. markets opened higher Wednesday morning following a reported decline in mortgage applications and investor reaction to a number of corporate earnings. The Nasdaq closed slightly lower today while the S&P 500 and the DJIA both closed higher. Crude oil prices rose following a smaller than expected rise in inventories.

European closed mostly higher today while Latin American and Asian markets closed mixed.

Thursday’s calendar includes speeches by New York Fed President William Dudley and Fed Governor Jeremy Stein, October same-store sales, and the following scheduled data releases and events (all times Eastern):

  • 8:30 a.m. – GDP
  • 8:30 a.m. – New claims for unemployment benefits
  • 10:00 a.m. – Leading indicators
  • 10:30 a.m. – EIA weekly natural gas storage report
  • 3:00 p.m – Consumer credit
  • 4:30 p.m. – Fed balance sheet and money supply

Here are the closing bell levels for Wednesday:

  • S&P500 1770.48 (+7.52; +0.43%)
  • DJIA 15746.88 (+128.66; +0.82%)
  • NASDAQ 3931.95 (-7.92; -0.20%)
  • 10YR TNOTE 2.645% (+0.25)
  • Gold $1,317.80 (+9.70; +0.7%)
  • WTI Crude oil $94.80 (+1.43; +1.5%)
  • Euro/Dollar: 1.3520 (+0.0046; +0.34%)

Big Earnings Movers: Tesla Motors Inc. (NASDAQ: TSLA) is down 14.5% at $151.16 after running head-on into reality. Chesapeake Energy Corp. (NYSE: CHK) is down 6.8% at $26.23 on a softer outlook. SunEdison Inc. (NYSE: SUNE) is up 8.1% at $11.22 on good earnings. Abercrombie & Fitch Inc. (NYSE: ANF) is down 13.6% at $33.12.

Stocks on the Move: Mindspeed Technologies Inc. (NASDAQ: MSPD) is up 68.4% at $5.00 after agreeing to be acquired for $5.05 a share by M/A-COM Technology Solutions Holdings Inc. (NASDAQ: MTSI). Suntech Power Holdings Co. Ltd. (NYSE: STP) is down 16.7% at $1.25 after filing a petition for provisional liquidation in the Cayman Islands. Oxigene Inc. (NASDAQ: OXGN) is up 41% at $3.58.

In all, 168 NYSE stocks put up new 52-week highs today, while 21 stocks posted new lows.

Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for a673b.bigscoots-temp.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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