The U.S stock market rose to another all-time high level on Wednesday as the economy of the United States grew by 1.7% in the second quarter of 2013, which is much better than the expected figure of 1.1%. Moreover, the ADP Non-farm payrolls increased by 200,000 for the month of July, and that too is well above the expected number of 179,000.
The S&P 500 index tested the 1692.10 level, and the Dow Jones index tested the 15,625 level at the start of the U.S session. However, Ben Bernanke’s statement regarding the tapering of the stimulus plan may result in the making the markets not more bullish anymore. So investors may start selling as long as the S&P 500 index does not cross and sustain above the 1700 level.
Comcast Posts Healthy Profits
The biggest cable provider in the United States, Comcast, posted its profit that beat the forecasts for all the quarters of this and past year’s and soared to $44.91 a share after gaining 5.2% value. As the number of high speed data and video subscribers are increasing dramatically, Comcast remains a healthy firm to invest in. It would remain bullish according to its technical levels as long as it trades above 38.5 dollar a share.
Moreover, Facebook soared further today and breached its IPO price of $38 a share and was moving at 38.31 dollar a share in the U.S session on Wednesday. All gains have resulted in brighter prospects in generating more revenues through mobile advertising innovations. This streak of the bullish rally may continue for long.
Symantec Excels despite external factors
The security software maker, Symantec Corp gained a substantial 8.8% in its stock price that led the shares to test the $26.49 level as the profits topped the forecasts while the company managed to perform its business effectively and efficiently, by minimizing costs despite a record plunge in computer sales all over the world.
Boom in Bio-Technology
Questcor pharmaceuticals is doing pretty well as its shares rallied around 23% in value that resulted in taking its per share price to $63.85, as the company is excelling in its nervous system medications operations and has reported healthy profits for the second quarter of 2013. The investors must keep in mind that the bio-technology is sector is booming and Wall Street is now talking about such firms whether they are operating at a small level or a big level, hence a good opportunity is there to go long on their stocks.
To contact the reporter of this story: Jonathan Millet at email@example.com