Concerns Of Greece Exiting The Euro Affect Investors – Acadiana Business Index
U.S. stocks made a late comeback Wednesday as investors looked for signs of hope from Europe in contending with a potential Greek exit from the euro. Ken Meyers has your stock market report on the Acadiana Business Index.
- The Dow recovered from a 191 point decline to finish down 6 points at 12496. The S&P ended the session up 2 points at 1318. The NASDAQ rebounded from down more than 43 points to close 11 points higher at 2850. Breadth finished positive with advancing issues outpacing decliners by 3-2 on the NYSE and 7-6 on the NASDAQ. NYSE Composite volume totaled about 4.1 billion shares.
- The major averages recovered from a sharp sell-off on concerns of Greece exiting the euro after the Fed’s Minneapolis regional president said the central bank has the tools to stem the damage from Europe’s debt crisis.
- Commodity related stocks led the surge into the close with miners Newmont Mining rising $1.38 to $48.57 and Freeport McMoRan adding 60 cents to $32.73. Financials finished higher with Bank of America closing 19 cents higher to $7.17.
- Gains in tech bellwether Apple offset a decline in Dell’s shares. Apple gained $14.04 to $570.82 while Dell retreated $2.60 to $12.48 after posting a disappointing earnings report. Expedia was the biggest gainer in the S&P 500 on a percentage basis. Shares of the online travel services company rose $2.87, or 6.8%, to $45.59 after receiving positive analyst comments.
- Treasuries pared back gains with the 10-year finishing up 1/4 of a point to yield 1.74%.