US markets reacted
favorably to reports that U.S. factory activity has accelerated at its fastest
pace in nearly four years in February. New filings for unemployment insurance fell
over the last week also giving the job market some positive momentum.
The equity market has
selectively shrugged off tepid data, pinning recent weakness to the impact of
extremely cold weather and massive snow rather than worsening fundamentals.
Wal-Mart Stores Inc (WMT) fell 1.8 percent Thursday to $73.49 after the world's
biggest retailer reported a drop in U.S. same-store sales and gave an earnings
outlook below expectations.
Social networking giant Facebook (FB) said late Wednesday it would buy mobile-messaging
startup WhatsApp for $16 billion in cash and stock, plus $3 billion worth of
restricted stock units to WhatsApp's founders. Facebook shares edged up 0.3
percent to $68.25 in heavy volume.
Tesla surged 9.2 percent to $211.47 (TSLA) a day after it reported fourth-quarter results that
topped expectations and said deliveries of its luxury Model S electric sedan
would surge more than 55 percent this year.
Emerging market growth was also in view
after China's flash Markit/HSBC Purchasing Managers' Index fell to a
seven-month low in February.
"The market's strength is somewhat
surprising given how weak overseas markets have been," said Nicholas
Colas, chief market strategist at the ConvergEx Group in New York.
"It is good to see investors buying
on dips, but I've also been hearing a lot more bearish chatter."