Wednesday, March 7, 2012

u.s. stocks dow jones today march 7 2012

u.s. stocks dow jones today march 7 2012 : U.S. stocks were higher on Wednesday, as market sentiment found support after better-than-expected U.S. employment data while investors remained focused on Thursday’s deadline for a Greek debt swap deal. During early U.S. trade, the Dow Jones Industrial Average added 0.20%, the S&P 500 index rose 0.26%, while the Nasdaq Composite index advanced 0.49%.

A report by U.S. payroll processing firm ADP showed that non-farm private employment rose by a seasonally adjusted 216,000 in February, beating expectations for an increase of 205,000.

The previous month’s figure was revised up to a gain of 173,000 from a previously reported increase of 170,000.

Meanwhile, investors eyed Thursday’s deadline for Greece’s private creditors to sign up to a bond swap deal, which is aimed at writing down 53.5% of the country's EUR177 billion debt.

In the tech sector, Apple shares jumped 1.14% as the company is expected to launch a new version of the iPad at an event in San Francisco.

Also Wednesday, Samsung Electronics said it filed another lawsuit against Apple in South Korea, claiming the iPhone 4S and iPad2 infringed on three of its patents.

Meanwhile, General Electric climbed 1.11% after the conglomerate confirmed its outlook for 2012 and its expectations for continued double-digit percentage revenue growth in emerging market regions until at least next year.

In earnings, American Eagle Outfitters saw shares surge 7.35% even after the retailer posted a smaller profit, hurt by promotions and discounts during the holiday season.

On the downside, Pandora shares sank 24.18% after the online radio company handed in a weak outlook despite a surge in listeners and strong sales growth.

Meanwhile, Citigroup and JPMorgan cut their price targets on the firm to USD17 from USD25 and to USD17 from USD22, respectively. Citigroup also lowered its rating on the company to "neutral" from "buy."

Other stocks in focus included H&R Block, due to issue quarterly earnings after the bell.

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