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Investor Ideas Snapshot; Dow Jones 10 Day Run
Category: Investment
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Visit: Dow Jones
New York, New York - March 14, 2013 (www.investorideas.com newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors reports on the Dow Jones Industrial Average for March 14th, 2013.
The Dow Jones Industrial Average (^DJI) continues its now 10 day long streak trading up at $14,520.83 gaining $65.55 or 0.45%. With this current momentum behind it, the index may also be instilling greater confidence in the market as a whole, helping the S&P 500 (^GSPC) come within 10 points of its 2007 high.
More good news to help boost the Dow was jobless claims falling for the latest reported week, with the rolling four-week average of jobless claims falling to 346,750 -- the lowest level in five years.
For today, the dual frontrunners on the Dow are Hewlett-Packard (NYSE:HPQ) and IBM (NYSE:IBM) with both moving up more than 1.5%. HP's continued struggle with its botched Autonomy deal has opened a new chapter, as the U.K.'s Serious Fraud Office has opened an investigation into the allegations that the British-based company willfully inflated its sales figures to boost its acquisition price. Despite the Autonomy mess, investors are still looking for HP to rally, with 5,000 calls bought late in yesterday's session signaling an expectation for the stock's price to rise to $23 by mid-April.
With the Dow all over the news, investors have plenty of reasons to get excited which helped push IBM to its all-time high yesterday. The tech giant has been working with the city of Boston to improve systemwide initiatives like traffic, water management, and airport logistics. So far, the Massachusetts Water Resources Authority has been able to use IBM's predictive software successfully and has cut down on its work orders by 38% by reducing unnecessary maintenance. IBM is also looking to expand its use of Watson, the supercomputer that won on Jeopardy! and has since helped doctors improve the speed and quality of care for cancer patients.
Chevron (NYSE:CVX) also managed to contribute to the Dow’s early movement as the company gained 1.3%, accounting for more than 10 points of the Dow's rise. As of this morning, a fire that occurred when a tugboat struck a Chevron gas pipeline was continuing to burn; yet the news hasn't kept the stock from setting new record highs. With the potential of an expansion of California-based hydraulic fracturing providing a much-needed boost to Chevron's domestic resources as well as this morning's PPI data the gas company continues to rise. The company is also benefiting from rival Exxon's prediction that American oil-production will increase 45% by 2040. Chevron has stated that it's on track to increase its production volume by 25% by 2017.
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