Dow Now: Chinese Export Data Lifts Markets

By Christopher Witrak  JAN 10, 2013 1:20 PM

Bank of America and Intel are up today.


A decline in tech stocks pared earlier gains in equities until better-than-expected Chinese export numbers reversed the retreat. Exports from China leaped 14.1% in December 2012 versus the 4.6% increase expected by economists polled by Dow Jones Newswires.

“The sharp rebound in trade growth could give another boost [to] China-related assets — from equities [and] commodities to the Chinese yuan. That said, we shall not extrapolate too much from it, as it’s well known that monthly year-on-year changes of trade data are volatile,” said Merrill Lynch analyst Ting Lu, according to Marketwatch.

The Labor Department reported today that initial jobless claims climbed to 4,000. The seasonally adjusted total for January 5 was 371,000. Continuing unemployment claims dropped by 127,000 to 3,109,000.

The Dow Jones Industrial Average (INDEXDJX:.DJI) was up 0.21% to 13,418.68 points as of 12:45 p.m. EST.

Bank of America (NYSE:BAC) has seen the biggest gains among Dow members today, climbing 2.32% to $11.69. Warren Buffett helped banks today after he said, “Our banking system is in the best shape in recent memory,” last week in an interview.

Intel (NYSE:INTC) has seen gains today of 1.35% to 21.74. Its prospects for 2013 appear weak, though, as Canalys released a reported today stating that Microsoft and Intel will continue to lose market share to smartphones and tablets this year.

JPMorgan (NYSE:JPM) and rose today by 0.97% to $45.91.

Wal-Mart (NYSE:WMT) has declined today by 0.82% to 68.01. Two congressmen have released documents showing that Wal-Mart CEO Mike Duke knew about accusations of bribery pertaining to the company’s Mexican operations in 2005.

DuPont (NYSE:DD) also fell 0.84% to $46.05.

Twitter: @ChrisWitrak
The author has a position in Intel.