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Tue, Sep 03 2013 00:00:00 E
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Posted 04:57 PM ET
Stocks rose modestly Tuesday after erasing bigger gains.
The Nasdaq and the S&P 500 rose 0.5% and 0.4%, respectively, paring 1%-plus gains. The Dow Jones industrial average ended up 0.1% after briefly dipping into the red. Sharp losses in Microsoft (MSFT) and Verizon (VZ) hurt the Dow and S&P 500; Microsoft also hit the Nasdaq.
Volume jumped 38% on the Nasdaq and 35% on the NYSE in the stock market today, according to preliminary data.
Chinese Internet portal NetEase (NTES) climbed 4% in above-average volume, as Chinese stocks rose following bullish manufacturing data in the world’s second-largest economy.
Tuesday’s gain erased much of Friday’s losses, which came after JPMorgan downgraded the stock to neutral from overweight, or buy. NetEase is 12% past a 65.18 buy point from a cup base
SouFun Holdings (SFUN), a provider of online listings for China’s real-estate market, jumped 13% to a record high in huge volume after JPMorgan initiated coverage with a rating of overweight on Friday.
SouFun is 69% past a 27.90 buy point. It boasts best-possible 99 Composite and Earnings Per Share Rating in the highly ranked Internet-Content industry group.
Japanese automaker Toyota Motor (TM) climbed 3% in above-average volume, falling just shy of retaking its 50-day line. It got a lift after the yen sank to a one-month low as fears over Syria eased, diminishing the Japanese currency’s safe-haven appeal. A weak yen makes Japanese exports less expensive overseas and boosts the earnings of Japanese companies that repatriate dollar-based profits.
The stock had recently tried and failed to clear a 131.09 entry in a third-stage base. Such later-stage bases are risky.
On the downside, Herbalife (HLF) fell 2% in heavy volume, but it got support at the 50-day line and ended in the upper half of its intraday range. The stock came off its lows after William Stiritz, CEO of cereal maker Post Holdings (POST), disclosed that he has taken a 5.2% stake in the company.
Dollar General (DG), Francesca’s Holdings (FRAN) and Navistar International (NAV) are among companies due to report quarterly earnings on Wednesday.
Economic reports Wednesday include auto sales for August, mortgage applications for the week of Aug. 31 and the trade balance for July.
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