Stock Market News for December 16, 2013 - Market News
16 Dezember 2013 - 4:06PM
Zacks
Stocks ended Friday nearly
unchanged, as investors cautiously await the outcome of the Federal
Open Market Committee meeting scheduled this week to gain further
insights into what could possibly be the Fed’s next move. The Dow
and S&P 500 recorded weekly declines for the second consecutive
week. This was also the worst week for both indices in nearly four
months, caused primarily due to the increasing possibility of a
near term taper of the Fed’s monetary stimulus. The materials
sector was the biggest gainer among the S&P 500 industry groups
while energy suffered the most.
For a look at the issues currently facing the markets, make sure to
read today’s Ahead of Wall Street article
The Dow Jones Industrial Average (DJI) added 0.1% to close the day
at 15,755.36. However, the S&P 500 declined marginally, by
0.01%, to finish Friday’s trading session at 1775.32. The
tech-laden Nasdaq Composite Index increased nearly 0.1% to end at
4000.98. The fear-gauge CBOE Volatility Index (VIX) climbed 1.4% to
settle at 15.76. Consolidated volumes on the New York Stock
Exchange, American Stock Exchange and Nasdaq were roughly 5.1
billion shares. Advancing stocks outnumbered the decliners. For 55%
shares that advanced, only 41% declined.
Speculation that a Fed taper would occur in the new term led to an
outflow of $6.51 billion from equity mutual fund stocks. This also
constitutes the maximum outflow from funds in the current year. The
Federal Open Market Committee (FOMC) meeting is scheduled on
17th and 18th, and will be the Fed’s last
meeting for the year. The outcome of this meeting is widely
expected to determine the future of the stimulus program.
Separately, the U.S. Bureau of Labor Statistics reported that the
U.S. Producer Price Index (PPI) for finished goods decreased 0.1%
in November, below the consensus estimate. In the month of
November, prices for finished goods declined 0.2%. Prices received
by manufacturers for intermediate goods dropped 0.5%, and the index
for crude goods dropped 2.6%. The unadjusted prices for finished
goods climbed 0.7% for the past twelve months ended on November
2013.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) rose nearly
12.8% to $60.89 per share. This comes after the company reported an
increase in the number of subscribers of its Creative Cloud suite
compared to the previous quarter. Adjusted earnings per share for
the fourth quarter came in at $0.32. The company expects its
earnings per share in the coming first quarter to range from
$0.22-$0.28. EPS for the full year is expected to be around $1.10.
Adobe Systems rose sharply and climbed for almost the entire
session.
The materials sector was the biggest gainer among the S&P
500 industry groups on Friday. The Materials SPDR (XLB) gained
0.5%. Stocks such as Monsanto Company (NYSE:MON), E I Du Pont De
Nemours And Co (NYSE:DD), The Dow Chemical Company (NYSE:DOW),
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), and Ecolab Inc.
(NYSE:ECL) increased 0.4%, 0.5%, 1.9%, 0.2% and 0.3%,
respectively.
The energy sector took the maximum loses among the S&P 500
industry groups on Friday. The Energy SPDR (XLE) lost 0.3%. Stocks
such as Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation
(NYSE:CVX), Schlumberger Limited. (NYSE:SLB), Occidental Petroleum
Corporation (NYSE:OXY), and ConocoPhillips (NYSE:COP) decreased
0.1%, 0.9%, 0.7%, 0.1%, and 0.1%, respectively.
CONOCOPHILLIPS (COP): Free Stock Analysis Report
CHEVRON CORP (CVX): Free Stock Analysis Report
DU PONT (EI) DE (DD): Free Stock Analysis Report
DOW CHEMICAL (DOW): Free Stock Analysis Report
ECOLAB INC (ECL): Free Stock Analysis Report
FREEPT MC COP-B (FCX): Free Stock Analysis Report
MONSANTO CO-NEW (MON): Free Stock Analysis Report
OCCIDENTAL PET (OXY): Free Stock Analysis Report
SCHLUMBERGER LT (SLB): Free Stock Analysis Report
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
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