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

Stock Market Today: Putin Offers Peaceful Remarks, Stocks Grind Higher

NEW YORK (TheStreet) -- U.S. stock markets were grinding higher in afternoon trading in the absence of any negative geopolitical headlines and as economic prospects continued to look brighter and brighter for many investors.

The S&P 500 (SPY) was rising 0.3% to 1,952.52. The Dow Jones Industrial Average (DIA) was increasing 0.25% to 16,693.19. The Nasdaq (QQQ) was higher by 0.27% to 4,445.91. The tech sector was trading in the green despite Cisco's (CSCO - Get Report) heavily-weighted losses.

After a strong run-up for four sessions, the S&P 500 looks like it could bump against the short-term support/resistance area of 1,950, according to Schaeffer's Investment Research's senior equity analyst Joe Bell. But the analyst said weekly and daily charts are not signaling any overbought conditions.

"I expect that continued, sustained strong economic data will make itself evident that the Fed needs to step aside," said Doug Cote, chief market strategist at Voya Investment Management. Cote's expecting strong August retail sales on the back of a robust back-to-school shopping season amid signs of fewer layoffs and increasing wealth in the U.S.

The markets began the day with a knee-jerk reaction to the gain in initial jobless claims last week. But the losses were short-lived in light of the very marginal increase of the four-week moving average to 295,750, a level consistent with low levels of layoffs.

Must Read: Cisco Plunges: What Wall Street's Saying

Russian President Vladimir Putin appeared to offer some conciliatory remarks to Western counterparts Thursday after saying overnight that he would do everything in his power to end the conflict in Ukraine. Meanwhile the Gaza ceasefire remained in force after Israeli and Palestinian negotiators agreed to a five-day extension of the truce in the region.

Cisco was down 2.4% to $24.59 after the networking hardware company said it will cut 6,000 jobs due to uncertainty over emerging markets. Sprint (S)was down 1.37% to $5.74 after analysts who met with the telecom’s new CEO Marcelo Claure said the company may soon aggressively cut its wireless prices. Boeing (BA) was up 1.85% to $124.24 as the company prepares to announce plans this fall to increase production of its single-aisle 737 jet.


--By Andrea Tse in New York

Follow @AndreaTTse

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
CSCO $27.33 0.33%
S $3.73 -0.80%
AAPL $117.82 -0.18%
FB $105.47 0.06%
GOOG $750.27 0.28%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs