There's No Business Like FOX Business

A decade after the top of the tech bubble, tech stocks pushed the Nasdaq Composite to another 18-month high on Wednesday and the Dow eked out minor gains. 

Today’s Markets

The Dow Jones Industrial Average rose 2.95 points, or 0.03%, to 10567.33, the Standard & Poor's 500 added 5.16 points, or 0.45%, to 1145.61 and the Nasdaq Composite picked up 18.27 points, or 0.78%, to 2358.95. The FOX 50 gained 3.86 points, or 0.47%, to 826.51.

As has been the case all week, there weren’t any economic indicators or major corporate announcements to significantly move the needle in one direction or the other in the broader markets. However, tech stocks such as Google (GOOG) posted solid gains and Citigroup (C) helped lead the financial sector higher. 

“Without any real momentum movers either way in this market, we’re going to keep trading this technical range with slight shifts to the upside," said Jonathan Corpina, senior managing partner at Meridian Equity Partners. 

The Nasdaq Composite closed at its best level since Aug. 2008 as tech stocks like SanDisk (SNDK) and Yahoo! (YHOO) rallied. Wednesday also marked the 10-year anniversary of the peak of the tech bubble as the Nasdaq hit an all-time high of 5048 on March 10, 2000.

Half of the Dow's 30 components made headway, led by Bank of America (BAC) and Boeing (BA). On the other hand, Travelers (TRV) and Merck (MRK) were the index's weakest stocks. The blue chips have closed essentially flat in each of the last three sessions, including on Tuesday when the bulls celebrated the one-year anniversary of the end of the Great Recession’s bear market. 

The financial sector led the way higher on Wednesday as the group benefited from another strong day for Citigroup (C). A day after FOX Business's Charles Gasparino reported the U.S. is looking to unload its 27% stake in the bank as early as this spring, Citi reportedly sold $2 billion of trust preferred securities. Both moves are seen as shows of support for Citi's turnaround plans and overall strength.

Regional banks such as SunTrust Banks (STI) rose sharply as The Wall Street Journal reported U.K. lender Barclays (BCS) is eyeing a retail bank in the U.S. While no deals are seen as imminent, analysts pointed to SunTrust, PNC Financial (PNC), Comerica (CMA) and Fifth Third Bancorp (FITB) as possible candidates. 

The markets were also closely tracking the price of crude oil, which has fluctuated throughout the day and carried the energy sector along for the ride. After briefly turning red, crude ended at $82.09 a barrel, up 0.74%, or 60 cents. Oil was boosted by a new report showing gasoline stockpiles tumbled by nearly 3 million barrels last week, surprising analysts who had predicted a slight build. 

Taking its largest decline in more than a month, gold fell $14.20 a troy ounce, or 1.27%, to $1107.80.

The markets had little reaction to the Commerce Department's latest inventory report, which showed wholesale inventories unexpectedly declined by 0.2% in January. The drop in inventories could show demand is outstripping supplies. Analysts had expected a rise of 0.2%. 

Corporate Movers

American Eagle (AEO) matched estimates with a non-GAAP profit of 33 cents and said its revenue jumped by a better-than-expected 7% to $972 million. The apparel retailer's first-quarter EPS guidance of 15 cents to 17 cents compares favorably to the Street's view of 15 cents.

Psychiatric Solutions (PSYS) is in buyout talks with Bain Capital and while a deal may still fall apart, one could be announced next week, the Journal reported. Psychiatric Solutions, which provides inpatient behavioral health-care services, is seeking a premium of roughly 25%, the paper reported. 

BP (BP) is the leading contender to buy more than $5 billion in oil assets from Devon Energy (DVN), the Journal reported. Other bidders are still in the running for the assets but a potential deal between these companies would vault BP into the hot Brazilian offshore region and strengthen its operations in the Gulf of Mexico, the paper reported. 

W.W. Grainger (GWW) said its sales rose 12% on an annual basis in February, helped by acquisitions and forex. The industrial products maker said its adjusted U.S. sales rose 4% last month from a year ago. 

InterMune (ITMN) saw its stock surge 65% after esbriet, the biotech company’s pulmonary fibrosis drug, received a green light from the Food and Drug Administration's advisory committee. Wells Fargo reportedly upgraded the stock to "outperform," pointing to high chances for FDA approval. 

AGL Resources (AGL) said executive Douglas Schantz, the president of its Sequent Energy Management business, was found dead after apparently falling accidentally into the Mississippi River. Schantz had gone missing in New Orleans over the weekend and was last seen leaving a Bourbon Street club. 

Global Markets

The U.K.'s FTSE 100 closed up 0.68% to 5640.57, France's CAC 40 rose 0.86% to 3943.55 and Germany's DAX gained 0.86% to 5936.72. 

In Asia, Tokyo's Nikkei 225 fell 0.04% to 10563.92, Hong Kong's Hang Seng closed essentially unchanged at 21208.29 and China's Shanghai Composite slumped 0.66% to 3048.93.