Share “Stocks drift in afternoon trading as a...”

Stocks drift in afternoon trading as a rally fades

Published on NewsOK Modified: February 12, 2014 at 2:09 pm •  Published: February 12, 2014

NEW YORK (AP) — Stocks were mixed Wednesday as investors assessed news from some big U.S. companies. Major indexes jumped a day earlier after Federal Reserve Chair Janet Yellen said she would continue the central bank's market-friendly, low-interest rate policies.

KEEPING SCORE: The Standard & Poor's 500 index fell three points, or 0.2 percent, to 1,816 as of 3:06 p.m. Eastern Time. The Dow Jones industrial average was down 56 points, or 0.4 percent, at 15,939. The Nasdaq composite rose five points, or 0.1 percent, to 4,196.

CURRENCY PINCH: Procter & Gamble, the world's largest household products maker, fell $1.33, or 1.7 percent, to $77.50 after the company lowered its sales and earnings outlook due to recent declines in emerging market currencies against the dollar. Currencies in developing countries such as Turkey, South Africa and Argentina have slumped against the dollar this year.

CHINA TRADE: The stock market got some support from the latest economic data out of China. Trade growth in the Chinese economy accelerated in January. Fears about a slowdown in the world's second-largest economy roiled stock markets in January.

"It's reassuring that we're not seeing another sign of weakness for China's economic growth," said Kate Warne, an investment strategist at Edward Jones, an investment adviser.

STOCK RECOVERY: The stock market has rebounded in the past week after slumping earlier on concern that growth in China and other emerging economies was set to slow. Concern about the health of the U.S. economy also helped push stocks lower.

The S&P 500 lost almost 6 percent for the year by Feb. 3, but has since pared that loss to 1.5 percent thanks to gains in materials, health care and technology stocks. All three sectors have jumped 4.6 percent over the past week.

FLYING HIGH: TripAdvisor rose $7.43, or 8.8 percent, to $91.72 to an all-time high Wednesday after the online travel company posted fourth-quarter results that led an RBC Capital Markets analyst to upgrade his rating on the stock. The company said late Tuesday that its fourth-quarter revenue jumped and was stronger than analysts expected. Most of its revenue came from click-based advertising.

PRIME TIME: fell $13.89, or 3.8 percent, to $347.90 after analysts at UBS lowered their rating on the stock to "neutral" from "buy" on concern about revenue from the internet retailer's "Prime" customers. Amazon was among the biggest decliners in the S&P 500.

HEALTHY PROFIT: DaVita HealthCare Partners jumped $2.21, or 3.4 percent, to $66.53, a day after the kidney dialysis provider said it reached an agreement to resolve a government investigation and reported fourth-quarter income that soared 36 percent and topped analyst expectations.

TREASURYS AND COMMODITIES: The yield on the 10-year Treasury note climbed to 2.76 percent from 2.73 percent on Tuesday. Oil rose 43 cents, or 0.4 percent, to $100.37 a barrel. The price of gold rose $5.20, or 0.4 percent, to $1,295 an ounce.


  1. 1
    Crime on the decline in Tulsa Housing Authority housing complexes
  2. 2
    Clinton aide may have 'delivered favors' for friends, IG finds
  3. 3
    Reba McEntire and husband Narvel Blackstock announce separation
  4. 4
    Firefighters battling north OKC apartment fire
  5. 5
    Puzzling area between Edmond, Guthrie illustrates one of many challenges facing earthquake experts
+ show more


× Trending business Article