The stock markets in the United States closed higher as corporate deals overshadowed the poor performance of the equities of small cap and energy companies.
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The Dow Jones Industrial Average (DJIA) rose to an all-time high while the S&P 500 increased nearly to its record level.
In a telephone interview with Bloomberg, Joe Bell, a senior equity strategist at Schaeffer’s Investment Research said, “We had a pretty big run-up within the month of November and late October and we’ve seen a slowing of the momentum recently. From the context of a price stand point, we’re due for a breather.”
Today, data showed that the number of people who filed for unemployment benefits for the week ended November 8 increased. The Department of Labor reported that 290,000 people filed for unemployment benefits, up by 12,000. The agency said that advance seasonally adjusted insured unemployment rate was 1.8% as of November 1.
[drizzle]Peter Sorrentino, a fund manager at Huntington Asset Advisors commented, “The market is just churning right now, looking for an indication of which direction the future is going to take. There is no catalyst to get investors excited or to instill additional fear.”
U.S. Markets
- Dow Jones Industrial Average (DJIA) – 17,652.79 (+0.23%)
- S&P 500- 2,039.33 (+0.05%)
- NASDAQ- 4,680.14 (+0.11%)
- Russell 2000- 1,175.49 (-0.92%)
European Markets
- EURO STOXX 50 Price EUR- 3,059.80 (+0.31%)
- FTSE 100 Index- 6,635.45 (+0.37%)
- Deutsche Borse AG German Stock Index DAX- 9,248.51 (+0.41%)
Asia-Pacific Markets
- Nikkei 225- 17,392.79 (+1.14%)
- Hong Kong Hang Seng Index- 24.019.94 (+0.34%)
- Shanghai Shenzhen CSI 300 Index- 2,579.75 (-0.56%)
Stocks in Focus
Allied Motion Technologies, Inc. (NASDAQ:AMOT) gained more than 18% to $19.27 per share after reporting a 394% increase in earnings to $0.45 per share for the quarter ended September 30. Its revenue rose 162% to $65.28 million.
The shares of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) rose more than 7% to $12.06 per share in New York. The Canadian smartphone manufacturer’ stock benefited from its announcement regarding its partnership with Samsung Electronics Co. Ltd. (LON:BC94) (KRX:005930). BlackBerry agreed to provide highly-secure mobility solution for Samsung’s Android devices.
Cyberark Software Ltd (NASDAQ:CYBR) surged more than 27% to $42.92 per share after reporting strong earnings for the third quarter. The company posted adjusted earnings of $0.20 per share. Analysts have a consensus estimate $0.01 in earnings per share.
The stock price of Liberty Media Corp (NASDAQ:LMCB) declined more than 20% to $38.50 per share today. Last week, the company completed the spin-off of Liberty Broadband Corporation into a separate publicly-traded company.
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