Jobs Data Pushes Stocks Higher: Bank of America Corp (BAC), Merck & Co., Inc. (MRK)

Markets aren’t screaming higher today, but a slightly better-than-expected reading of jobless claims in the U.S. has still pushed stocks higher for the day. The number of Americans filing initial jobless claims fell 7,000 from last week to 340,000, below economists’ forecast of 353,000. The Dow Jones Industrial Average has responded by rising 0.26% to another new high as of 3:25 p.m. EST, while the S&P 500 is up 0.21%.

Bank of America Corp (NYSE:BAC)The Boeing Company (NYSE:BA) is leading the way today, climbing 2.4% on hopes that the FAA will allow the company to conduct test flights of the 787 Dreamliner aircraft soon. Before we get our hopes up, the National Transportation Safety Board said this morning that it still hasn’t identified the cause of the 787′s battery fires, so we still don’t know what the original problem was. After everything that has happened with the 787, Boeing’s stock is near a 52-week high, and traders may be getting ahead of themselves, bidding up the stock on any rumor of good news. Boeing will still see major delays because of battery problems, and that will have a financial impact in 2013.

Bank of America Corp (NYSE:BAC) is up 2.6% today ahead of the release of the Federal Reserve’s stress test results. Investors have been bidding up shares in hopes that Bank of America Corp (NYSE:BAC) will be able to return cash to investors in the form of a larger dividend or share buybacks. This is the first of a two-part test that will be completed next week when the Fed says how it thinks banks would be capitalized if they spent capital on dividends or buybacks.

On the downside, Merck & Co., Inc. (NYSE:MRK) has fallen 0.9% after the company announced it would replace research and development head Peter Kim with Amgen’s former research head, Roger Perimutter. Perlmutter presided over Amgen’s research when Epogen and Aranesp ran into safety concerns, so his record isn’t exactly flawless. It’ll take years to determine whether this is a good move or not, but for now investors are selling the uncertainty it brings.

The article Jobs Data Pushes Stocks Higher originally appeared on Fool.com.

Fool contributor Travis Hoium has no position in any stocks mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw. The Motley Fool owns shares of Bank of America.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

50 Crazy Facts About Japan You Won’t Believe

Top 10 Least Expensive Hybrid Cars to Save the Planet With

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

Top 6 Cities For The Ultra Rich to Live in Comfort

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!