This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Nasdaq Leads Market Higher

Stocks in this article: GOOG FACT C

NEW YORK ( TheStreet) -- Stocks traded within a tight range and finished with marginal gains Wednesday, highlighted by improving bank shares and the strengthening Nasdaq, after investors digested an unexpected dip in wholesale inventories.

The Dow Jones Industrial Average added 3 points, or 0.03%, to 10,567, while the S&P 500 gained 5 points, or 0.5%, at 1146. The Nasdaq became the best performer of the day among the major indices, going ahead by 18 points, or 0.8%, at 2359.

>>Three Energy Investments With Huge Yields

In the afternoon, the government said the difference between its outlays and receipts grew more disparate during February. The Treasury report showed the budget deficit widened to a record $220.9 billion last month. At the same time last year, the deficit stood at $193.9 billion. Still, the gap came in about as expected, as analysts surveyed by Thomson Reuters anticipated a rise to $222 billion during the month.

Shares in the materials sector dwindled on the day, though financial shares were among the better performers, with the KBW Bank index moving 2.2% higher.

Shares of Citigroup (C) closed up 14 cents, or 3.7%, to $3.96, as the company launched a sale of up to $2 billion worth of trust-preferred securities that were seeing high demand, according to reports suggesting that orders have exceeded $5 billion.

Robert Pavlik, chief market strategist at Banyan Partners, considers Citigroup a "very good idea for long-term investors."

"I think there are a lot of firms that are underinvested in Citigroup, and I think the long-term prospects for Citigroup are very attractive -- especially when you look at Barclays (BCS) and the fact that they're looking to buy a bank in the U.S.," he said.

American International Group (AIG) shares also soared 10.6%, likely helped by a short squeeze .

Tech stocks led, as demonstrated by the 2.2% jump in the Philadelphia Semiconductor index. Micron (MU) paced much of the uptick on the chip index, advancing 4.9% following some upbeat comments from analysts.

On the Nasdaq, Google (GOOG) opened an online store for integrated applications called the Google Apps Marketplace. News outlets also reported that CEO Eric Schmidt suggested a solution to the company's imbroglio with China may be nearing. Shares added $16.26, or 2.9%, at $576.45.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs