Wall Street is holding on to early gains after a reading on the U.S. services sector fell in line with expectations.
The Institute for Supply Management, a trade group of purchasing executives, says its services index slipped to 41.6 last month from 42.9 in January, meeting analysts' estimates. Any reading above 50 signals growth, while a reading below 50 indicates contraction.
Investors also are awaiting the Federal Reserve's beige book, an assessment of the economy by region, to be released later Wednesday.
Following the ISM data, the Dow Jones industrial average is up 67 points at 6,793. The Standard & Poor's 500 index is up 11 points at 707, and the Nasdaq composite index is up 23 at 1,344.
Yesterday’s Top Performing SmallCapVoice.com stock:
Mantra Venture Group Ltd. (OTC BB: MVTG) was a SmallCapVoice.com top performer moving up over 33% on trading volume of 29,443 shares.
Mantra, through its group of sustainable energy, carbon reduction and consumer product subsidiaries, is active in the green technology marketplace with an innovative, multi-faceted approach focused on profitability through sustainability. By aggressively seeking out new technologies and innovating solutions for a cleaner earth for everyone, Mantra intends to provide a highly profitable and, more importantly, socially and environmentally responsible investment for its shareholders.
Today’s SmallCapVoice.com Hot Stocks to Watch:
Omega Commercial Finance Corporation (OTC BB: OCFN)
OCFN is rocketing up 130% amid the signing of a LOI to acquire a Commercial Real Estate Project Valued at $7,500,000.
Omega Commercial Finance Corporation announced its signing of a Letter of Intent to acquire through a share exchange agreement the Sterling Mine commercial real estate project located in Tuxedo Park, NY
The Sterling Mine commercial real estate project is comprised of 30,654 sq. ft. of office and retail space located on 4.8 acres of prime real estate in Tuxedo Park, NY. The project is currently close to 75% completion and will be primarily compromised of retail space with adjoining office facilities. As of this date, Omega has been furnished with executed letters of intent with 5 year occupancy terms by a local leasing agent. These letters currently represent an occupancy rate of 84% upon completion of the project.
Tuxedo Park, NY. is highly coveted as a bedroom community for New York City, which is an approximate thirty-five minute commute. Situated on the cusp of New York and New Jersey, the area evidences a median residential sales price of $500,000, which is the fifth highest residential market in the State of New York. While overall growth in the U.S. housing market has become stagnant, there is still ongoing residential development in Tuxedo Park, which attests to the anticipation of continued growth in that area.
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