Nasdaq Shakes off Early Weakness
24-Jan-13 11:35 ET
[BRIEFING.COM] Equities are holding their recent levels and the S&P 500 continues to hover near 1500. The benchmark index trades higher by 0.5% with discretionary stocks providing leadership. In addition, health care and energy are among the top performing sectors. On the downside, the Nasdaq is now flat after being down as much as 0.9% at the open. The initial weakness resulted from heavy selling in the shares of Apple (AAPL 461.94, -52.06) after the company reported disappointing earnings.
In the discretionary space, Netflix (NFLX 142.10, +38.84) is soaring nearly 40% after the company surprised the market with an earnings and revenue beat. Additionally, the company issued upside first quarter earnings and revenue guidance.
Health care stocks are outperforming after earnings from Baxter (BAX 67.50, +0.91) and Bristol-Myers (BMY 35.80, +0.91) were welcomed by the market.
Lastly, the energy sector is adding 1.0% with crude oil trading higher by 1.2%.