Positive economic reports and strong earnings boosted markets to new highs Wednesday. Gross domestic product grew at an annual rate of 1.7 percent in the second quarter after, following a 1.1 percent gain in the previous quarter, the Commerce Department reported Wednesday. According to data from FactSet economists had predicted a 1 percent growth for the second quarter. Additionally, payroll processor Automatic Data Processing Inc. reported the private-sector added 200,000 in July, which also was above economists’ expectations. "We did get some surprisingly strong economic numbers today," said Peter Cardillo, chief market economist at Rockwell Global Capital. "The market is taking this news optimistically. It points to the economy not needing crutches anymore."
Covance Inc. (NYSE: CVD) shares traded in the range of $80.42 to $83.26 Wednesday before settling to close at $82.50, an increase of 3.38 percent. The stock appears to have some support at the $82.35, $79.59 and $77.38 levels. Shares of Covance have gained approximately 43.0 percent year-to-date.
More information on Covance and access to the free equity report can be found at:
www.WallStreetFundamentals.com/CVD
Mastercard Inc. (NYSE: MA) shares traded in the range of $567.02 to $626.23 Wednesday before settling to close at $610.61, an increase of 1.53 percent. The stock appears to be facing some resistance at $611.34 with some support at the $602.45 and $590.00 levels. Shares of Mastercard have fallen approximately 24.0 percent year-to-date.
More information on Mastercard and access to the free equity report can be found at:
www.WallStreetFundamentals.com/MA
Questcor Pharmaceuticals Inc. (NASDAQ: QCOR) shares traded in the range of $59.69 to $68.08 Wednesday before settling to close at $66.66, an increase of 28.41 percent. The stock appears to have some support at the $59.69, $49.80 and $46.63 levels. Shares of Questcor Pharmaceuticals have gained nearly 15.0 percent year-to-date.
More information on Questcor Pharmaceuticals and access to the free equity report can be found at:
www.WallStreetFundamentals.com/QCOR
Symantec Corporation (NASDAQ: SYMC) shares traded in the range of $25.60 to $26.89 Wednesday before settling to close at $26.68, an increase of 9.57 percent. The stock appears to have some support at the $25.60, $25.08 and $24.76 levels. Shares of Symantec have gained approximately 42.0 percent year-to-date.
More information on Symantec and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SYMC
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