Amber Alert issued for abducted 5-year-old

Amber Alert issued for abducted 5-year-old


May 1, 2014 -- 4:15 p.m. - 05/01/14

Stocks finished little changed on Thursday. The Dow retreated 22 points from its all-time high to 16558. The S&P 500 was down less than a point to 1883. The NASDAQ added 13 points to close at 4127.

The major averages ended a choppy session mixed as investors weighed todays economic and earnings releases. Before the open, reports showed weekly jobless claims rose to a two-month high while consumer spending increased by the most since 2009. A separate release revealed manufacturing activity expanded at a faster-than-expected pace last month. Market action was muted ahead of tomorrows jobs report. Projections are nonfarm payrolls increased 215,000 in April and the unemployment rate declined to 6.6%.

On the earnings front, Yelp advanced 9.8% to $64.02 after raising its revenue forecast. Shares of Avon Products slumped 10.2% to $13.72 as quarterly profits missed analyst estimates.

Consumer discretionary and telecom were up the most on M&A chatter. DirecTV added 4.1% to $80.76 on news AT&T approached the company about a merger. Shares of T-Mobile rallied 8.1% to $31.65 after adding more wireless subscribers than expected in the first-quarter and reports Sprint is preparing to make a bid to acquire its rival. Materials were the worst performing group on the session. Dow Chemical fell 2.4% to 48.771.

Breadth on issues was 4-3 positive on the NYSE and even on the NASDAQ. NYSE Composite volume totaled 3.4 billion shares.

Treasuries were higher with 10-year note up 9/32 to 2.61%.

This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.

 

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