The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is trading in the black today, up 6.8 points or 0.1% at 5194.9 after positive leads from Wall Street overnight, which saw the Dow Jones climb 0.7%, S&P 500 jump 1.13% while the NASDAQ also rose 1.8%.
While trading in the local market has remained relatively flat today, it still offers relief for investors after the market fell 0.78% yesterday, as the US Federal Reserve continued to taper its bond-buying stimulus program.
Leading the market were these stocks:
- CuDeco Limited (ASX: CDU) has risen the most from the ASX 200 with its shares trading up 4.6%
- Sundance Resources Limited (ASX: SDL) has gained 4.5%
- David Jones Limited (ASX: DJS) is up 4% after it announced it had rejected a merger approach by Myer Holdings Ltd (ASX: MYR)
- QUBE Holdings Ltd (ASX: QUB) shares have jumped 3.8%
- Twenty-First Century Fox Inc (ASX: FOX) has also risen strongly, with its shares up 3.1%
Also climbing strongly are Fortescue Metals Group Limited (ASX: FMG) and McAleese Limited (ASX: MCS), with their shares up 2% and 6.9% respectively.
On the other hand, the following stocks have acted as a drag on the market:
- Medusa Mining Limited (ASX: MML) fell 7.4% as investors expressed their disappointment over the company's quarterly activities report
- Forge Group Limited (ASX: FGE) continued its plunge, falling 7.1%
- OceanaGold Corporation (ASX: OGC) lost 4%
- Perseus Mining Limited (ASX: PRU) shares conceded 3.3%
- St. Barbara Limited (ASX: SBM) has also lost 3.3% in mid-afternoon trading
Foolish takeaway
After a solid 2013, investors have felt the pain through January with the bourse down just over 3% for the month. While it is always painful to watch our portfolio fall in value, it also creates an opportunity for investors to pick up quality stocks trading at discounted prices, paving the way for even greater long-term results.
