Debt Ceiling Debate Continues To Weigh On Investors – Acadiana Business Index
- The Dow closed 27 points higher at 13546. The S&P 500 index added 2 points to 1472. The NASDAQ fell 7 points to 3110.
- The major averages ended little changed as the debt ceiling debate in Washington weighed on investor sentiment. Uncertainty over fourth-quarter earnings also provided headwind as the pace of scheduled releases picks up.
- On the economic front, reports showed retail sales rose 0.5% while producer prices declined 0.2% in December. Manufacturing activity in New York contracted for a sixth consecutive month in January. Tech was a notable laggard led by Apple declining $15.38 to $485.92 and Hewlett-Packard falling 42 cents to $16.53. Facebook closed 85 cents lower at $30.10 after introducing a new search tool for its website. Dell added 88 cents to $13.17 on continued speculation the PC maker is in buyout talks. Telecom was the worst performing sector with Verizon down 62 cents to $41.97. Consumer stocks outperformed with discount retailer Big Lots advancing $1.03 to $29.78. In the financials, JP Morgan gained 47 cents to $46.35 while Goldman Sachs lost 54 cents to $135.59 ahead of their earnings releases before the open Wednesday.
- Breadth was positive on issues by 4-3 on the NYSE and 7-6 on the NASDAQ. NYSE Composite volume totaled more than 3.1 billion shares. The 10-year note finished up 1/8 of a point to yield 1.83%.
For the complete report, click Ken's Market Report.