The Markets Now: Apple Rises With Market on Favorable Analyst Notes

JC Penny shares take a big hit after a large stakeholder dumps shares.

Stocks maintained momentum from yesterday’s close with the Dow (INDEXDJX:.DJI) increasing 0.99% to 14,267.65. The index is eying its all-time closing high of 14,164.53. The S&P 500 (INDEXSP:.INX) climbed 1.03% to 1540.84, and the Nasdaq (INDEXNASDAQ:.IXIC) jumped 1.28% to 3,222.62. The 56.0 reading of the ISM’s non-manufacturing index beat analysts’ estimates of 55.0. The report showed encouraging numbers for new orders and backlogs, jumping 3.8 points to 58.2 and 5.5 points to 55.0 respectively.

While the services sector grew, retail in particularly saw weaker numbers this week from two indicators. The ICSC-Goldman’s same-store index showed a growth of 1.8% of comparable store sales at major retail chains, or 10% of total retail sales, for the second time in three weeks. Year-over-year this growth dropped from 2.9%.

Redbook’s same-store sales index, which is a weekly measure of sales at chain stores, discounters, and department stores, dropped last week from 2.7% to 2.2% year-over-year. However, the index saw a month-to-month gain of 1.3% from January to February.

Apple (NASDAQ:AAPL) has rebounded today 3.11% to $433.10. Analysts issued some favorable notes on the tech company. Pacific Crest cited research that states iPhone and iPad sales will be match its estimates for the current quarter. Plus, UBS (NYSE:UBS) stands by its price target of $600, referencing a currently "reasonable" valuation.

Genworth Financial (NYSE:GNW) saw its second consecutive day of large gains, increasing 3.96% to $9.45 after rising 7% yesterday. The life insurance company’s Chief Financial Officer Martin P. Klein will soon become Executive Vice President and will oversee the possible selling of parts of the firm.

MetLife (NYSE:MET) will hold an investor conference in New York on Tuesday, May 21. The insurance company also amended its bylaws for voting in an uncontested director election. Directors will be elected if the number of votes in favor of the director exceed the number votes against; abstentions and broker non-votes will not count. As the Dow eyes a new record today, MetLife climbed 2.99% to $36.51.

Gilead Sciences (NASDAQ:GILD) also hit a new 52-week high. Gilead tried conducting a study of 5,000 women in Africa to test its AIDS-preventing medicine Truvada or Viread. However, two-thirds of the women wouldn’t comply because of the social stigma associated with the disease. Company shares rose 2.33% to 1.02.

Walgreen (NYSE:WAG) shares dropped 2.91% to $40.56 after reporting February sales decreased year-over-year by 2.2% from $5.88 billion to $5.75 billion.

JC Penney (NYSE:JCP) saw a decline of 9.56% to $15.14 after Vornado Realty Trust (NYSE:VNO) sold 10 million shares at $16.40 of the department-store chain through Deutsche Bank AG (NYSE:DB).

Twitter: @ChrisWitrak