The stock markets in the United States ended the trading session higher due to the easing of concerns/conflict in Ukraine, which overshadowed reports that the United States conducted air strikes against Islamic State militants in Iraq.
Russia’s Defense Ministry revealed that it ended drills of warplanes in the area near Ukraine. Another report indicated that the Russian government offered to mediate between the separatists and the Ukrainian government.
Commenting on the market trends, Michael James, managing director of equity trading at Wedbush Securities told Bloomberg, “For the most part, the market has been pretty resilient over the last week or so. It has been able to shrug off a lot of negatives and not go lower than it had.”
On the other hand, Michael Purves, the chief global strategist and head of equity derivatives at Weeden & Co commented, “When you see the geopolitical news in Russia and the Middle East, it’s horrible from a humanitarian point of view for U.S. equities. Purves asked, “How bad is it for U.S. economic fundamentals? He answered, “It’s pretty distant. We’ve had a big selloff since the highs in July, and in my estimations, this has been a pretty orderly retreat spurred by overstretched market conditions.”
• Dow Jones Industrial Average (DJIA)- 16,553.93 (+1.13%)
• S&P 500- 1,931.59 (+1.15%)
• NASDAQ- 4,371.05 (+0.83%)
• Russell 2000- 1,131.56 (+1.05%)
• EURO STOXX 50 Price EUR- 3,006.83 (-0.20%)
• FTSE 100 Index- 6,567.36 (-0.45%)
• Deutsche Borse AG German Stock Index DAX- 9,009.32 (-0.33%)
• Nikkei 225- 14,778.37 (-2.98%)
• Hong Kong Hang Seng Index- 24,331.41 (-0.23%)
• Shanghai Shenzhen CSI 300 Index- 2,331.13 (+0.16%)
Stocks in Focus
The Gap Inc. (NYSE:GPS) gained almost 6% to $42.57 per share after the company provided better than expected second-quarter guidance of $3.98 billion in revenue and earnings in the range of $0.68 to $0.69 per share. Wall Street analysts expected the company to achieve $3.96 billion in revenue and $0.66 in earnings per share.
The shares of NVIDIA Corporation (NASDAQ:NVDA) climbed more than 8% to $19 per share after the company reported strong financial results for the second-quarter. The company delivered GAAP earnings of $0.22 per share and $1.1 billion in revenue.
The stock price Monster Beverage Corp (NASDAQ:MNST) gained nearly 7% to $69.45 per share after the company posted better than expected second-quarter earnings results. The energy drinks maker posted adjusted earnings of $0.84 per share, higher than the $0.75 per share consensus estimate.