Stocks traded in a tight range at midday Wednesday. Oil prices reversed their recent rally and plunged as much as 5%, which dragged energy stocks lower. Traders also had some mixed economic data to process. The ADP private sector jobs report came in slightly weaker than expected. January payrolls increased by 213,000, below estimates of 225,000.
Separately, the Institute for Supply Management’s non-manufacturing index hit 56.7 in January, slightly better than the 56.3 economists expected. Earlier this week the ISM manufacturing index came in weaker than expected.
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Among the biggest movers: General Motors (GM). The auto giant surged after it posted stronger than expected profits in the latest quarter. The company also announced a 20% increase in its dividend.
Disney (DIS) shares broke above $100 a share to hit a new record high after the company posted better than expected earnings and revenue for the 15th consecutive quarter.
Apple (AAPL) hit a new intraday high of $120.35. The company was also the subject of much buzz online after photos and videos showing vans with cameras mounted on them were reportedly traced back to Apple. The vans, which resemble the Google Maps (GOOGL) cars, were spotted cruising the streets of San Francisco and Brooklyn. It’s unclear exactly what the purpose is, but the speculation ranges from a Google maps-type use, to an Apple experiment with driverless cars.
What do you think Apple is up to? Post a comment below and let us know.
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