This Day On The Street
Continue to site
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 Pop Despite Nasdaq Shock

"The uptrend in global manufacturing confidence, apparent since April, looks set to have continued up to August, and even could intensify, based on today's 'flash' PMI data for August," Julian Callow, a London-based economist at Barclays, wrote in a report.

The positive global manufacturing headlines were offsetting a rise in weekly initial jobless claims in the U.S.. Initial jobless claims increased by 13,000 to a greater-than-expected 336,000 in the week ended Aug. 17 from the previous week's upwardly revised figure of 323,000. Economists, on average, were expecting jobless claims of 330,000. However, the four-week moving average that irons out week-to-week volatility came in at 330,500, a decrease of 2,250.

The report also said continuing claims for the week ended Aug. 10 increased by 29,000 to 2.999 million, vs. the average estimate of 2.96 million.

In company news, GameStop ( GME) was the top climber in the S&P, surging 9% to $51.91 after the leading video game products retailer hiked its full-year earnings per share guidance to a range of $3 to $3.20 from the previous estimate of $2.90 to $3.15 based on positive trends in new console pre-orders.

Teen retailer Abercrombie & Fitch ( ANF) was the worst percentage performer on the S&P after posting weak second-quarter earnings and lowering its outlook for the rest of 2013. The company forecast diluted earnings of 40 to 45 cents a share. Wall Street has estimated $1.06 a share. Shares plummeted 17.7% to $38.53

Wells Fargo (WFC) is set to eliminate 2,300 jobs in mortgage production, Bloomberg reported, citing people with knowledge of the matter. The bank is cutting the jobs because demand for refinancings has slumped and probably will drop even more as interest rates rise, Bloomberg noted. Shares added 0.28% to $42.48

In more economic news, house prices rose 7.2% in the second quarter from the same time last year, according to the Federal Housing Finance Agency. The FHFA's seasonally adjusted monthly house price index for June was up 0.7% from May. Price increases are expected to lose steam though as borrowing costs continue to rise.

Also, the Conference Board Leading Economic Index for the U.S. increased 0.6% in July to 96, following no change in June. Economists were expecting a 0.5% gain.

The annual meeting of central bank officials in Jackson Hole, Wyo., began Thursday. Fed Chairman Ben Bernanke and other major world central bank heads were not expected to attend the meeting.

The benchmark 10-year Treasury was little changed, yielding 2.896%.

December gold futures rose 70 cents to settle at $1,370.80 an ounce and October crude oil futures closed up $1.18 at $105.03 a barrel.

-- Written by Andrea Tse and Joe Deaux in New York

>To contact the writer of this article, click here: Andrea Tse.>
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BTU $2.07 -2.36%
CLF $4.65 0.00%
FCX $12.01 0.00%
GME $31.30 0.00%
AAPL $95.18 0.00%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs