Dow down with Coca-Cola; longest win streak since July for Nasdaq
By: Kate Gibson | Markets Writer
U.S. stocks finished mostly higher on
Tuesday, with the Nasdaq Composite rising for an eighth session, as
investors considered a large acquisition and partially disregarded
downbeat economic reports as impacted by the weather.
Forest Laboratories jumped after Actavis agreed to acquire the Alzheimer's drug maker. Coca-Cola declined after reporting a drop in fourth-quarter profit.Shares of Tesla Motors climbed to a record after a report that Apple might be interested in buying the electric car maker.
A measure of home builder confidence fell dramatically in February as dismal weather hit sales. Shares of PulteGroup and D.R. Horton were among those in decline after the release of the report.
And, the New York Fed's "Empire State" general business conditions index had factory activity in New York, the upper part of New Jersey and lower portion of Connecticut slowing in February, coming in at 4.48 in February from 12.5 in January. Economists polled by Reuters expected a reading of 9.0.
"There is little doubt that weather has affected the U.S. economic data and economic momentum has waned, but the extent of each remains a question," Bill Stone, chief investment strategist at PNC Asset Management Group, wrote in an emailed note.
(Read more: Traders to shovel through data in hunt for real economy)
Forest Laboratories jumped after Actavis agreed to acquire the Alzheimer's drug maker. Coca-Cola declined after reporting a drop in fourth-quarter profit.Shares of Tesla Motors climbed to a record after a report that Apple might be interested in buying the electric car maker.
A measure of home builder confidence fell dramatically in February as dismal weather hit sales. Shares of PulteGroup and D.R. Horton were among those in decline after the release of the report.
And, the New York Fed's "Empire State" general business conditions index had factory activity in New York, the upper part of New Jersey and lower portion of Connecticut slowing in February, coming in at 4.48 in February from 12.5 in January. Economists polled by Reuters expected a reading of 9.0.
"There is little doubt that weather has affected the U.S. economic data and economic momentum has waned, but the extent of each remains a question," Bill Stone, chief investment strategist at PNC Asset Management Group, wrote in an emailed note.
(Read more: Traders to shovel through data in hunt for real economy)
| Name | Price | Change | %Change | ||
|---|---|---|---|---|---|
| DJIA | Dow Jones Industrial Average | 16130.40 | -23.99 | -0.15% | |
| S&P 500 | S&P 500 Index | 1840.76 | 2.13 | 0.12% | |
| NASDAQ | Nasdaq Composite Index | 4272.78 | 28.76 | 0.68% |
After a three-day holiday weekend, the Dow Jones Industrial Average fell 0.2 percent, with Coca-Cola shares leading blue-chip losses.
The S&P 500 rose 0.1 percent, with health care the best performing and telecommunications faring worst among its 10 major sectors.
Rising to a 13-year high and up for an eighth session straight, its longest win streak since July, the Nasdaq added 0.7 percent.
Coca-Cola facing a 'lousy environment': Analyst
Discussing how critical
weather is to Coke's performance, and the company's Q4 earnings, with
William Schmitz, Deutsche Bank analyst.
The dollar fell against the currencies of major U.S. trading partners and the yield on the 10-year Treasury note used in figuring consumer loans fell 4 basis points to 2.712 percent.
Gold futures for April delivery rose $5.80, or 0.4 percent, to $1,324.40 an ounce; crude-oil futures for April delivery climbed $2.13, or 2.1 percent, to $102.43 a barrel.
The stock market was closed Monday for the President's Day holiday.
The Federal Reserve on Wednesday releases minutes from its January meeting, at which the makers of U.S. monetary policy opted to cut another $10 billion from the central bank's monthly asset purchases.
Equities last week notched a second week of gains after Fed Chair Janet Yellen indicated she would continue former Fed Chairman Ben Bernanke's policies.
Gold futures for April delivery rose $5.80, or 0.4 percent, to $1,324.40 an ounce; crude-oil futures for April delivery climbed $2.13, or 2.1 percent, to $102.43 a barrel.
The stock market was closed Monday for the President's Day holiday.
The Federal Reserve on Wednesday releases minutes from its January meeting, at which the makers of U.S. monetary policy opted to cut another $10 billion from the central bank's monthly asset purchases.
Equities last week notched a second week of gains after Fed Chair Janet Yellen indicated she would continue former Fed Chairman Ben Bernanke's policies.
—By CNBC's Kate Gibson
Coming Up This Week:
Wednesday:
Earnings: Anglogold Ashanti, Devon Energy, Host Hotels, MGM Mirage, Omnicare, Carlyle Group, Iamgold, Marriott, Safeway, Tesla Motors, Sunoco Logistics Partners, Williams Cos., Jack in the Box, Curtiss-Wright, Costar Group, Flowserve, Healthsouth
830 a.m.: PPI
8:30 a.m.: Housing starts
12:15 p.m.: Atlanta Fed President Dennis Lockhart
1:00 p.m.: St. Louis Fed President James Bullard
2:00 p.m.: FOMC minutes
7:00 p.m.: San Francisco Fed President John Williams
Coming Up This Week:
Wednesday:
Earnings: Anglogold Ashanti, Devon Energy, Host Hotels, MGM Mirage, Omnicare, Carlyle Group, Iamgold, Marriott, Safeway, Tesla Motors, Sunoco Logistics Partners, Williams Cos., Jack in the Box, Curtiss-Wright, Costar Group, Flowserve, Healthsouth
830 a.m.: PPI
8:30 a.m.: Housing starts
12:15 p.m.: Atlanta Fed President Dennis Lockhart
1:00 p.m.: St. Louis Fed President James Bullard
2:00 p.m.: FOMC minutes
7:00 p.m.: San Francisco Fed President John Williams
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