The S&P 500 and the Dow Jones Industrial Average experienced another upside resulting from decreasing concerns of the possible military action in Syria. NASDAQ is slightly down because of Apple Inc. (NASDAQ:AAPL); it is down by more than 5 percent as investors were disappointed with the price of its supposed less expensive iPhone 5C.
According to Russel Croft, fund manager of Croft-Leominster Inc, currently investors are absorbed in the decision of the government to delay the military action in Syria, but they are still monitoring the issue. Investors are more focused on the upcoming meeting of the Federal Reserve next week. Croft said, “We’re not out of the woods on news from Syria yet, but for the time being the market has digested the decision to delay action. Right now all eyes are on next week’s Fed meeting, that’ll be the big driver in the market with a few data points between now and then.”
On the other hand, Stanley Druckenmiller, chairman of Ququesne Family Office LLC, said he doesn’t care whether the Federal Reserve will reduce its bond buying activity to $70 billion of $65 billion this month. But according to him, it is a big deal if the Federal Reserve decides to end the quantitative easing over the next 12 months.
Doubleline Capital’s Jeffrey Gundlach said the Federal Reserve is “making a big mistake” if it moves ahead with its exit plan without closely monitoring the market conditions.
- Dow Jones Industrial Average (DJIA)- 15,325 (+0.88%)
- S&P 500- 1,688 (+0.30%)
- NASDAQ- 3,725 (-0.11%)
- Russell 2000- 1,054 (-0.12%)
- EURO STOXX 50 Price EUR- 2, 863 (+0.42%)
- FTSE 100 Index- 6,588 (+0.07%)
- Deutsche Borse AG German Stock Index DAX- 8,495 (+0.58%)
Asia Pacific Markets
- Nikkei 225- 14, 425 (+0.01%)
- Hong Kong Hang Seng Index- 22, 937 (-0.17%)
- Shanghai Shenzhen CSI 300 Index- 2, 482 (+0.32%)
Stocks In Focus
International Business Machines Corp. (NASDA:IBM) rose by 2 percent to more than $190 per share after reporting its agreement to sell its customer care outsourcing business for $505 million to Synnex Corporation (NYSE:SNX). The stock price of Synnex surged by 20 percent as the company estimated that the acquisition will boost its earnings per share by $0.55 in 12 months.
The stock price of Facebook Inc (NASDAQ:FB) reached as high as $45.09 per share, up by more than 3 percent on speculations that the social network giant will expand in China after its COO Sheryl Sandberg met with Cai Mingzhai, head of State Information Office and the Internet regulator in the country.
The stock price of Marriot International Inc (NYSE:MAR) increased by 3 percent after UBS analyst Robin Farley upgraded her rating for the stock from ‘neutral’ to ‘buy’. She also raised her price target from $44 to $52 a share. She projected that the revenue of the hotel per room will climb by 5 percent this year.
Revlon Inc (NYSE:REV) gained by nearly 5 percent to as much as $25.86 per share after analysts at BMO Capital Markets raised their rating for the stock from perform to outperform with a $31 price target. The upgrade was due to the potential positive contribution to its earnings next year from its acquisition of Comer Group last month.