Stocks in Green in Mid-Day Trading
Stocks remained firmly in green territory by midday trade on Thursday as investors’ risk appetite is increasing in the backdrop of significant improvement in the U.S’s macroeconomic environment. The Dow Jones has now extended its gains for the record 10th straight session, stretching its all-time-high level.
At last check, the Dow Jones Industrial Average Index gained 0.40%; the NASDAQ Composite Index edged up0.30% while the S&P 500 Index advanced 0.37%
Shares of kitchenware maker, Lifetime Brands Inc. (NASDAQ: LCUT) rallied on Wednesday after the company reported that its revenue soared 10% and profits jumped almost 50%, for the fiscal fourth quarter, thanks to recent acquisition of Fred & Friends in December. The Company also said that the board of directors has declared 25% increase in quarterly dividends.
Men’s Wearhouse Inc. (NYSE: MW) shares rallied about 20% after the men’s suit maker said late last evening that it has hired Jefferies & Co to evaluate strategic alternatives for K&G clothing chain as it looks to focus on Moores and namesake brands. The Company also said that board of directors approved expanding its share buyback program to $200 million from existing $45 million.
On U.S. economic data front, weekly jobless claims fell by 10,000 to seasonally adjusted 332,000 for the week ended March 9, according to the Labor Department. Economists were expecting first time claims rising to 350,000.
The Producer Price Index (PPI) rose to 0.7% in February up from 0.2% gain in the preceding month, according to the Labor Department.
The U.S. trade deficit in the fourth quarter widened to $110.4 billion from $107.5 billion in the third quarter. Economists were expecting a trade deficit of $112.8 billion.
Elsewhere in Europe, all leading benchmark indexes traded in green territory. At last check, Stoxx 600 gained 0.82%