The Daily Item, Sunbury, PA

News

April 2, 2013

Stocks rise on strong auto sales, factory orders

NEW YORK — The Dow Jones industrial average touched another record high Tuesday following strong reports on auto sales and factory orders, the latest evidence that the U.S. economy is strengthening.

Chrysler said it sold more cars and trucks in March than in any month since the Great Recession began, an increase of 5 percent. U.S. sales for General Motors and Ford rose 6 percent.

Orders to U.S. factories rose 3 percent in February, the best gain in five months, the government announced after trading began. The report also said January’s decline in orders was smaller than previously reported.

The Dow Jones industrial average was up 87 points, or 0.6 percent, at 14,659 as of 10:25 a.m. Eastern time. It rose as high as 14,665 shortly after the factory data were released.

The Standard & Poor’s 500 index rose nine points, or 0.6 percent, to 1,571. The Nasdaq composite rose 25, or 0.8 percent, to 3,264.

Health insurance companies rose the most of the 10 sectors in the S&P 500 index, more than 1 percent. The boost came a day after the government released revised Medicare Advantage rates that suggest funding cuts will be less severe than analysts and companies had feared. The sector is up more than 16 percent this year.

After preliminary data were released in February, health insurers and industry analysts had warned that companies offering Medicare Advantage plans would be forced to cut benefits, increase customers’ premiums or abandon some markets. This week’s data suggest that may not be necessary.

UnitedHealth was the biggest gainer in the Dow. Humana Inc. led the S&P 500 higher. Also among the S&P 500’s top 10 gainers were DaVita HealthCare Partners Inc., Cigna Corp., WellPoint Inc. and Aetna Inc.

Among health insurance companies, UnitedHealth rose $4.70, or 8 percent, to $63.67. Humana gained $6.99, or 9 percent, to $81.99. DaVita HealthCare Partners rose $8.03, or 7 percent, to $127.69. Cigna added $3.05, or 5 percent, to $65.96. WellPoint increased $2.91, or 4 percent, to $70.35. Aetna rose $2.05, or 4 percent, to $54.43.

Among the other companies making big moves:

— Hewlett-Packard plunged after a Goldman Sachs analyst downgraded the stock, predicting the company’s earnings will be weak. Shares fell $1.35, or 6 percent, to $21.96.

— Urban Outfitters climbed a day after the clothing and accessories company said sales at stores open at least a year have grown in the high single digits in the first two months of the fiscal quarter started Feb. 1. Sales at stores open at least a year is a key gauge of a retailer’s health because it excludes results from stores recently opened or closed. The stock rose $1.91, or 5 percent, to $40.32.

— Actavis Inc. rose after a U.S. court cleared the way for it to sell a generic asthma inhaler by declaring a rival’s patent invalid. The stock added $4.07, or 4 percent, to $96.53.

1
Text Only
News
  • bearden9.jpg Bail reduced for Bearden

    Jasmine Bearden, who was arrested earlier this year on criminal attempted homicide charges for the alleged abuse of her six-week old baby, had her bail reduced in Union County on Tuesday morning.

    July 22, 2014 1 Photo

  • US airlines scrap Israel flights

    Two U.S. airlines cancelled all flights to Israel until further notice, after a rocket landed near Tel Aviv’s Ben Gurion Airport.

    July 22, 2014

  • 1flag.jpg Mysterious white flags appear atop Brooklyn Bridge

    Someone has replaced two American flags on the Brooklyn Bridge with mysterious white flags.

    July 22, 2014 1 Photo

  • bass22.jpg Mifflinburg honors its national fishing champs

    MIFFLINBURG — More than 50 friends, fans and relatives gathered in front of Mifflinburg Area High School on Monday night to celebrate the homecoming of juniors Nick Osman and Garrett Enders, newly crowned winners of the BASSmasters National High School Championships, held last week in Tennessee.

    July 22, 2014 1 Photo

  • Federal appeals court deals blow to ACA

    A federal appeals court has delivered a serious setback to President Barack Obama’s health care law, potentially derailing subsidies for many low- and middle-income people who have bought policies.

    July 22, 2014

  • Newport official succeeds Snook in $94G-a-year post

    Newport School District’s director of educational services is slated to be hired tonight by the Midd-West School Board to fill the vacant director of curricular and instruction position.

    July 22, 2014

  • Report: Retaliation by supervisors common at VA

    A pharmacy supervisor at the VA was placed on leave after complaining about errors and delays in delivering medications to patients at a hospital in Palo Alto, California.

    July 22, 2014

  • $5,000 added for M-W restroom work

    The bill for the Midd-West School District stadium restroom renovations continues to rise to the consternation of at least one board member.

    July 22, 2014

  • Today's editorial: Dubious achievements in press secretary-ism

    Ryan Shucard, press secretary to Valley Congressman Tom Marino since May, recently posted on LinkedIn that he was excited and ready to elevate the congressman’s legislative profile — which Shucard did last weekend (but not in a good way) when he got himself arrested for bringing a pistol into a federal office building.

    July 22, 2014

  • Danville train diver left hospital 4 days before suicide

    DANVILLE — The young man who killed himself by diving under an Iron Heritage Festival passenger train underwent treatment in mental health facilities as recently as four days before his death, according to Montour County Coroner Scott E. Lynn.

    July 22, 2014

The Daily Marquee
Video
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.