Wednesday Closing Bell: Markets Rise as Investors Buy the Dip

By Paul Ausick Updated Mar 19, 10:27AM EDT · Published Nov 13, 4:12PM EST

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November 13, 2013: U.S. equity markets opened lower again Wednesday morning but investors apparently decided to buy the dip today, raising indexes to the upside later in the day. The Treasury reported that the U.S. budget deficit is shrinking although it remains massive. That also lifted equities late in the day.

European and Asian markets closed lower today while Latin American markets closed higher.

Thursday’s calendar includes speeches by Fed Vice-Chairman Janet Yellen and Philadelphia Fed President Charles Plosser and the following scheduled data releases and events (all times Eastern):

8:30 a.m. – International trade
8:30 a.m. – New claims for unemployment benefits
8:30 a.m. – Productivity and costs
10:30 a.m. – EIA weekly natural gas storage report
11:00 a.m. – EIA weekly petroleum status report
1:00 p.m. – 30-year bond auction
4:30 p.m. – Fed balance sheet and money supply

Here are the closing bell levels for Wednesday:

S&P500 1782.00 (+14.31; +0.81%)
DJIA 15821.63 (+70.96; +0.45%)
NASDAQ 3965.58 (+45.66; +1.16%)
10YR TNOTE 2.737% (+0.34375)
Gold $1,268.40 (-2.80; -0.2%)
WTI Crude oil $94.19 (+1.15; +1.2%)
Euro/Dollar: 1.3462 (+0.0027; +0.19%)

Big Earnings Movers: Macy’s Inc. (NYSE: M) is up 9.4% at $50.70 after clearing a low bar. Canadian Solar Inc. (NASDAQ: CSIQ) is up 13.8% at $32.12 on solid earnings and rising margins. Health Management Associates Inc. (NYSE: HMA) is up 5.6% at $13.23. NQ Mobile Inc. (NYSE: NQ) is down 8.8% at $13.05 after failing to calm fears arising from short seller attack.

Stocks on the Move: Chegg Inc. (NYSE: CHGG) is down 21.8% at $9.77 after the company’s IPO today. USEC Inc. (NYSE: USU) is up 57.2% at $XX after the U.S. left duties in place on imports of French low-enriched uranium. James River Coal Co. (NASDAQ: JRCC) is up 19.5% at $1.41.

In all, 140 NYSE stocks put up new 52-week highs today, while 47 stocks posted new lows.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.