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The Markets Now: Stocks React to World Bank Forecast


Stocks stayed lower after the World Bank cut its economic forecast for 2013.

MIdday Wednesday stocks stayed lower after the World Bank cut its economic forecast for 2013, projecting that the world economy would expand at 2.4%, from its earlier 2013 forecast of 3%.

The Dow (INDEXDJX:.DJI) opened at 13497.56 and edged up to 13515.39 (-0.20%). The S&P 500 (INDEXSP:.INX) opened at 1470.81 and went up to 1472.11 (-0.02%.) The Nasdaq (INDEXNASDAQ:.IXC) opened at 3110.79 and moved up 18% to 3116.24.

There was no shortage of economic news Wednesday. MBA purchase applications saw a 15.3% rise in the week of January 11. Purchase applications were up 12.9%, signaling growth in home sales.

The consumer price index in December moved up 1.7% for all items, with with energy prices declining 1.2% and gasoline prices declining 2.3%. The index for all items less food and energy rose 0.1%.

The Treasury International Capital report was positive with an inflow of long-term US securities at $52.3 billion.

Goldman Sachs' (NYSE:GS) fourth-quarter profit skyrocketed to $2.89 billion, bringing its stock up 2.54% from $138.74 to $139.04.

Chipotle Mexican Grill (NYSE:CMG) is down 5.33% to $281.59 after it announced preliminary fourth-quarter profit estimates that fell below analyst expectations.

JPMorgan Chase's (NYSE:JPM) fourth-quarter earnings rose 53%, but its Treasury Chief Investment Office showed a loss of $157 million in the fourth quarter. The stock opened at 45.74 (-1.21%), and inched up to $46.20 (-0.32%).

Wendy's (NASDAQ:WEN) fiscal fourth-quarter earnings exceeded analyst expectations, with net income rising to $.06 from $.01 year over year. The stock opened at $4.98 and ended at $5.01, up 2.19%.

Vera Bradley (NASDAQ:VRA) gave a positive fourth-quarter forecast, lifting its revenue guidance from $149 million to $154 million. Shares opened at $22.78 (-0.96%) and edged down 2.17% to $22.49.

Five Below Inc. (NASDAQ:FIVE) announced plans for a public offering and brought up its fourth-quarter forecast. It opened at $32 (0.54%) and rose to $34.13, up 7.48%.

Tata Motors Limited (NYSE:TTM) said its global sales fell 13.88% in December 2012. The stock opened at $29.44 (-3.06%) and moved up to $29.78 (-1.94%.).

Facebook (NASDAQ:FB) began at $30.04 and stayed steady at $29.98 following the company's announcement of a new Graph Search feature yesterday.

Apple (NASDAQ:AAPL) opened at $494.84, up 1.84% and went up 3.25% to $501.73. Tom DeMark predicted the stock would rally after it had bottomed yesterday.
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