JPMorgan Chase & Co. (JPM), American Express Company (AXP), And The Rest of Today’s Key Moves To Watch

Published on May 15, 2013 at 8:27 pm by Gunjan Priya in News

Wall Street crawled today in the morning session, but resurged, leading to higher prices by afternoon. The Dow Jones JPMorgan Chase & Co. rose by 0.4%, and a couple of the leaders were JPMorgan Chase & Co. (NYSE:JPM) and American Express Company (NYSE:AXP).

The NASDAQ registered a growth of 0.3% which is an optimistic level reaching highest since 2000 whereas Deere & Company (NYSE:DE), which had posted an unexpected profit for second quarter, fell apart with a sharp decline in its sale predictions.

Mayflower Bancorp Inc. (NASDAQ:MFLR) was the biggest gainer on the day, as its share price rose by more than 66%, as it announced it’d be acquired by Independent Bank Corp (NASDAQ:INDB) for a little over $37 million.

Insmed Incorporated (NASDAQ:INSM) and YRC Worldwide, Inc. (NASDAQ:YRCW) were also up by double digits.

Continued strength in the equity markets indicate investor confidence, particularly in the U.S. economy, where all but the Marc Faber’s are predicting a double-dip recession any time soon. The American housing market holds particular credence here, as a decline in U.S. oil demand earlier this year had put the oil-producing economies of the world at fear of further doldrums, a recent report from the IEA indicates that there’s still plenty for the bulls to cheer about over the long run.

The price of gold fell below $1400 an ounce today, as “Tame U.S. inflation data helped trigger heavy selling,” according to the Wall Street Journal. Gold futures have also fallen by 2%, and with this, the US dollar grabbed the market with a stronger value.

JPMorgan Chase & Co. (NYSE:JPM) and American Express Company (NYSE:AXP) in particular are consistently among the top 50 stocks among the hedge funds we track (about 500 give or take a few), and thus, they’ll be extremely important to watch in the coming days. At Insider Monkey, we’ve begun to report on the latest 13F-filing data, as the Buffett‘s and the Einhorn‘s of the world have disclosed their Q1 positions.

With that being said, we’ll have aggregate equity rankings in the next couple days, and until then, ardent investors will continue to watch how JPMorgan Chase & Co. (NYSE:JPM), American Express Company (NYSE:AXP), and the rest of Mr. Market’s hottest stocks will finish out the week.

Disclosure: none

NYSE:AXP NYSE:JPM

JPMorgan Chase & Co. (JPM), American Express Company (AXP), And The Rest of Today’s Key Moves To Watch

Published on May 15, 2013 at 8:27 pm by Gunjan Priya in News

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