After the Open… Stocks were lower in pre-market trading, then opened higher, and are now near break even. Blame the confusion on the market's traditionally mixed feelings about good economic data, which are associated with tighter Fed actions in the short term, but better earnings in the long run. In the second quarter of 2014, the US economy grew at a rate of 4%–an incredible turnaround after the first quarter in which the economy shrank by 2.9%. Twitter (TWTR) is the stock of the day, having rising 20% after blowing away earnings, revenue and growth forecasts.
Here are your Wednesday morning market metrics. Industries doing well today include Biotechnology, Textiles, and Banks. Industries showing weakness include Electrical Equipment, Health Care Providers and Food Products.
The VIX is up 0.2% to 13.25 after closing on Tuesday at 13.28. Yahoo (YHOO) options are the most actively traded today, with 20,000 September 40 calls and another 20,000 September 45 calls changing hands. The put-call volume ratio is 0.68, (273,875/185,346). NYSE Adv/Dec 1,748/1,086. Nasdaq Adv/Dec 1,690/604.
Julian Close has been a business writer since the first day of the twenty-first century, having written for PRA International and the United Nations Department of Peacekeeping. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. He became a stockbroker in 1993, but now works for Fresh Brewed Media and uses his powers only for good. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.