News Headline Summary

US EQUITY WRAP: The S&P 500 breaks record levels for the second time this week despite Ukrainian concerns dampening sentiment

The S&P hit record highs for a second time this week on strong US data before seeing late selling pressure as concerns in Ukraine were reignited. Chicago PMI (59.8 vs Exp. 56.4) and University of Michigan confidence (81.6 vs Exp. 81.2) both beat expectations and were able to outweigh weaker US pending home sales (0.1% vs Exp. 1.8%) data in a session that saw the major US markets finish the week higher. Monster Beverage (+3.99%) topped the S&P today after posting better than expected net revenue aftermarket yesterday. Men’s Wearhouse (+6.68%) and Jos.A Bank (+2.95%) were up after Jos.A Bank said for the first time that they are willing to meet with Men's Wearhouse for negotiations. Fred’s (+10.2%) shares gained as they agreed to speak to CVC and Walgreen about a sale, as well as reaching out to Dollar General and private equity. Salesforce (-4.07%) and Deck’s (-12.2%) were both dragged lower today after posting weaker than expected earnings after market yesterday. Finally, the DJIA finished up 0.30% at 16,321.90, the S&P 500 up 0.28% at 1,859.47 and the NASDAQ 100 down 0.10% at 3,696.10.

28 Feb 2014 - 15:01 - - Source: RANsquawk

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