More Positive Economic Data Sends Markets Upward
This morning we saw strong numbers from the auto industry and increasing U.S. factory orders, which have given investors the confidence to continue yesterday's bullish rally and buy stocks again today. As of 11:45 a.m. EDT, the Dow Jones Industrial Average is higher by 55 points, or 0.37%, and now rests above 15,000, at 15,030. The S&P 500 has risen 0.45%, while the Nasdaq is up 0.38% this morning. Currently, 24 of the Dow's 30 components are moving higher; let's take a look at the best performer of the day.
JPMorgan Chase is currently leading all components higher as it is up 2.14%. The reason for the move was an upgrade from Raymond James from "outperform" to "strong buy." Additionally, Raymond James increased its target price for JPMorgan to $64 per share, while the stock currently trades in the $53 area.
A big winner outside the Dow today is Abercrombie & Fitch , which is currently up 5% today, and up more than 10% this past week alone. We may be seeing a short squeeze happening right now, as the stock had 8.5% of shares outstanding sold short per the most recent data, which is a few weeks old. The move over the past few days may have put traders in a tight position, and instead of suffering any further, they are now buying back shares and pushing the price of the retailer even higher.
A big loser outside the Dow is Best Buy , as shares are now down 2.49%. One negative news report surrounding Best Buy says that Capital One is selling its Best Buy-branded credit card accounts. Citigroup is buying the portfolio of cards and no financial details have been released about the transaction, which is scheduled to close sometime in September, but the idea that Capital One is selling the portfolio would indicate that it has not been an overachiever. And this may be an indication that Best Buy is performing worse than some had previously expected.
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The article More Positive Economic Data Sends Markets Upward originally appeared on Fool.com.
Fool contributor Matt Thalman owns shares of Citigroup and JPMorgan Chase. Check back Monday through Friday as Matt explains what caused the Dow's winners and losers of the day, and every Saturday for a weekly recap. Follow Matt on Twitter @mthalman5513. The Motley Fool owns shares of Citigroup and JPMorgan Chase. 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.
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