Small caps stay positive
The Russell 2000 (NYSE:IWM) is trading in the red while the Dow is little changed.
At 11:33 a.m. ET, the small-cap index was up 2.76 points, or 0.40%, to 684.69. The Dow Jones Industrial Average (INDU) is up 24.50 points, or 0.20%, to 12,417.16.
Small-cap stocks opened with a rise following news that Morgan Stanley (NYSE:MS) saw a decline in fiscal first-quarter profit but still beat expectations. That’s good news for investors worried that the pain that from Bear Stearns (NYSE:BSC) could spread to other investment banks.
Also helping the bulls is Visa Inc. (NYSE:V). Shares of the world’s largest credit card company debuted today with a rise of over 30%.
In economic news, the Mortgage Bankers Association announced before the start of trading that its index of loan application volume fell 2.9% for the week ended March 14. Also, the index of refinancing applications tumbled 4.6%.
Shares of companies manufacturing appliances and tools are currently leading the sector winners.
Helen of Troy Ltd. (Nasdaq:HELE), which makes personal care and houseware products, is seeing its stock price rise 3%.
Similarly, shares of Eau Claire, Wis.-based National Presto Industries, Inc. (NYSE:NPK) are also enjoying a bump.
Meanwhile, the stock of TurboChef Technologies, Inc. (Nasdaq:OVEN), a maker of equipment for the high-speed preparation of food products, is up 1%.
About the Author
Reporter Alex Alexandrov is based in SmallCapInvestor.com's Washington, D.C. bureau.
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