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The Markets Now: Stocks React to World Bank Forecast

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

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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.
No positions in stocks mentioned.
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