The Dow Jones Industrial Average is up after Cyprus negotiated better terms for its bailout. As of 1:20 p.m. EDT the Dow is up 86 points, or 0.59%, to 14,659. The S&P 500 is up 0.6% to 1,572.
There was just one U.S. economic release today.
Source: MarketWatch U.S. Economic Calendar.
Factory orders in February rose 3%, led largely by orders for aircraft. That was in line with analyst expectations. The big reason stocks were up today is that Cyprus completed its bailout negotiations with the International Monetary Fund, the European Central Bank, and the European Union. Cyprus negotiated an extra two years -- until 2018 -- to reach a budget surplus of 4%. The 10 billion euro bailout is a 22-year loan at a 2.5% interest rate that the country will begin paying in 10 years. After announcing the completion of negotiations, Cypriot Finance Minister Michael Sarris resigned. For the time being, concerns that Cyprus will affect the rest of the European Union appear to be moot. Indexes across Europe rose between 1% and 2%.
Today's Dow leaders
Today's Dow leader is UnitedHealth , up 5.5%. To investors' surprise last night, Medicare Advantage announced higher reimbursement rates for 2014. In a draft statement in February, Medicare Advantage had signaled that reimbursement rates would drop. Following complaints and lobbying by the health care industry, Medicare Advantage pulled a 180. Medicare Advantage covers more than 14 million Americans, and as of the end of 2012, UnitedHealthcare had 2.6 million members enrolled in the program.
When President Obama was re-elected, shares of UnitedHealth and other health insurers fell immediately. Is Obamacare a death knell for health insurers, or is the market missing out on some of the opportunities the law presents? In this brand-new premium report on UnitedHealth, The Motley Fool takes a long-term view, honing in on prospects for UnitedHealth in a post-Obamacare world. So don't miss out -- simply click here now to claim your copy today.
Second for the Dow today is Procter & Gamble , up 1.8%. The company announced earlier today that four of its manufacturing facilities now send zero waste to landfills. Procter & Gamble is working toward zero landfill usage, and it's one of the companies leading the charge in sustainability. The company currently uses 99% of all the materials that enter P&G plants. The materials leave as finished products, recycling, or energy, and only 1% leaves as waste. The company does not further break down the percentages.
Third for the Dow today is Cisco , up 2%. Last Thursday Cisco announced that it would raise its quarterly dividend by 20% to $0.17 per share. This raises the company's forward yield to 3.2%. Fool contributor Richard Saintvilus recently laid out the case for Cisco; click here to see why he thinks the stock is cheap.
The article 3 Stocks Trouncing the Dow Today originally appeared on Fool.com.
Dan Dzombak can be found on Twitter @DanDzombak or on his Facebook page, DanDzombak. He owns shares of Cisco Systems. The Motley Fool recommends Cisco Systems, Procter & Gamble, and UnitedHealth Group. 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 Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.