Traders on Wall Street went bearish as the unemployment claims for the U.S. increased just a little as compared to that of last week’s, but the major factor behind this fall was the Fed Debate on the stimulus plan. A few FED personnel including Mr. Fisher hinted that the FED is nearing towards reducing its bond buying stimulus and this may happen from next month as the economic data is not alarming at the moment.
S&P 500 plunged from 1696 level to 1684 within an hour or so, but a rebound came just at the start of the Chicago trading session where buyers entered the market as the Chinese exports and imports increased after the slowdown for the two quarters of 2013. This was also taken as a positive sign in the commodity market, where metals also gained as gold soared from 1291 till 1315 resistance level within the U.S. session.
The stock market may stay at this level this month, unless any strong indication comes from a legitimate source regarding the tapering of the quantitative easing plan.
The shares of the electric-car maker company surged by nearly 17% on Thursday after which the price went up till the $157.3 level, as the company’s results outclassed the forecasts made by analysts on its rising Model S sedan sales. Plus, Tesla stated that it is going to expand not only in Europe but Asia as well.
Based on its diversification plan, the buyers may not leave the market and may continue to take it further up till the 164 and 169 levels, after which the price may retrace back a little.
The biggest surge in more than 14 months was witnessed in the stock price of the largest daily-deals company, where the shares rallied to around 26% after which the price managed to test the resistance level of $11.0 on Thursday.
The company posted a lesser net loss as compared to the expectations from analysts, while GroupOn also appointed its co-founder as a CEO of the company to change things around.
Considering the scope the firm has not only in the U.S but in other countries like India where the market has remained untapped, the growth would certainly be there for GroupOn if customized strategy is adopted for different countries.
To contact the reporter of this story: Jonathan Millet at email@example.com