Why the Dow's Moving Higher Today
Investors seem to have forgotten all about yesterday's concerns, as existing home sales soared to their highest levels since mid-2010 and Italian bond yields fell, breaking a long stretch of higher rates for the country's sovereign debt. As of 2:15 p.m. ET, the Dow Jones Industrials (INDEX: ^DJI) were up 112 points to 12,264, while the S&P 500 clawed back much of its losses from yesterday, rising 10 points to 1,260.
As of midafternoon, all 30 Dow components were higher. Financials again led the way, but also posting strong gains were Hewlett-Packard (NYS: HPQ) and Intel (NAS: INTC) , both up more than 1%. An appeals court ruled that letters relating to former HP CEO Mark Hurd should be unsealed and made public, which could reveal further details about the alleged sexual harassment that prompted the investigation that eventually led to Hurd's departure from the company. On Intel, reports came out that the chip maker is starting to ship its new platform based on its Atom processor and could launch its Medfield Android platform in the second quarter of next year.
Wal-Mart (NYS: WMT) was the weakest performer in the Dow as of 2:15 p.m. ET, gaining just 0.2%. Wal-Mart said that it is waiting for the federal government to give the go-ahead before restocking infant formula made by Mead Johnson Nutrition (NYS: MJN) , which was pulled because of fears of possible problems after a child died earlier this month. Mead Johnson confirmed that FDA inspectors were at its Michigan plant. SUPERVALU (NYS: SVU) and Walgreen (NYS: WAG) made similar announcements about their intentions to await results from inspections before restocking formula.
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At the time this article was published Fool contributor Dan Caplinger doesn't own shares of the companies mentioned. You can follow him on Twitter here. The Motley Fool owns shares of Intel, Wal-Mart, and SUPERVALU, and has bought calls on Intel. Motley Fool newsletter services have recommended buying shares of Intel and Wal-Mart, as well as creating a diagonal call position in Wal-Mart, a bull call spread position in Intel, and buying calls in SUPERVALU. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool has a disclosure policy.