Stock markets in the United States ended the trading session higher today, propelled upward as small-cap and technology companies rebounded after the recent sell-off.
The Dow Jones Industrial Average (DJIA) climbed 0.13%, The S&P 500 gained 0.39% and the NASDAQ climbed 0.86%.
In a telephone interview with Bloomberg, Joe Bell, a senior equity analyst at Schaeffer’s Investment Research, commented, “We’ve seen a lot of volatility but not a lot of direction in the past few months, and that’s what’s become the norm. We don’t think we’re near a major market top. Those are generally characterized by a lot of optimism and euphoria, and we don’t think that’s the case.”
On the other hand, Quincy Krosby, a market strategist at Prudential Financial Inc., opined, “We began the year with a market that’s nervous, peaking out to new highs, but still nervous. As we near end of QE [the Fed’s monthly bond-buying program], this market is getting more and more normal. Valuations are stabilizing, and froth is getting burned off. Growth stocks were part of that froth.”
Last week, Federal Reserve Chair Janet Yellen stated that the United States economy has further to go to achieve full recovery and stability, and small businesses play a significant role, particularly in job creation.
- Dow Jones Industrial Average (DJIA)- 16,511.93 (+0.13%%)
- S&P 500- 1,885.09 (+0.39 %)
- NASDAQ- 4,125.82 (+0.86%)
- Russell 2000- 1,113.55 (+0.96%)
- EURO STOXX 50 Price EUR- 3,169.90 (-0.09%)
- FTSE 100 Index- 6,844.55 (-0.16%)
- Deutsche Borse AG German Stock Index DAX- 9,659.39 (+0.31%)
- Nikkei 225- 14,006.44 (-0.64%)
- Hong Kong Hang Seng Index- 22,704.50 (-0.04%)
- Shanghai Shenzhen CSI 300 Index- 2,115.29 (-1.43%)
Stocks in Focus
The stock price of InterMune Inc (NASDAQ:ITMN) rallied more than 13% to climb to $38.92 per share after the pharmaceutical company reported positive results of the Phase 3 ASCEND study for its lung disease drug Perfinidonem. The drug maker also indicated that it will resubmit a New Drug Application (NDA) for the treatment with the U.S. Food and Drug Administration (FDA). Analysts at Stifel Nicolaus have a Buy rating for shares of InterMune and raised their price target for the stock to $51 per share.
Shares of Pandora Media Inc (NYSE:P) rose more than 5% to $24.68 per share. Last week, analysts at MKM partners recommended a Buy rating for the stock with a price target of $32 per share.
Tripadvisor Inc (NASDAQ:TRIP) climbed more than 5% to $86.41 per share today. The company recently announced its decision to acquire LaFourchette, an online restaurant booking website featuring more than 12,000 restaurants in Europe. The terms of the deal were not disclosed.