Dow And S&P 500 Rise To Record Highs – Acadiana Business Index
Stocks edged higher on Friday. Mike Hunter has your stock market report on the Acadiana Business Index.
- The Dow rose to a record level, up 3 points to 15464. The S&P 500 was up 5 points to new all-time high at 1680. The NASDAQ added 22 points to 3600.
- The major averages finished in positive territory as investors weighed comments by members of the Fed.
- The market moved lower after Philadelphia President Charles Plosser said the central bank should begin tapering its asset purchases in September.
- Stocks recovered after St. Louis President James Bullard indicated the Fed should maintain its accommodative policy until inflation reaches its 2.0% target.
- On the economic front, producer prices rose 0.8% in June, more than the consensus projection to increase 0.5%. A separate report showed consumer confidence edged lower in July.
- In earnings news, JP Morgan lost $0.17 to $54.97 after posting quarterly results ahead of analyst estimates. UPS retreated 5.8%to $86.12 on its reduced full year forecast. Boeing fell 4.7% to $101.87 after a 787 Dreamliner caught fire at London’s Heathrow Airport. Financials outperformed with Genworth climbing 2.7% to $12.73. Telecom was the worst performing sector with Verizon down 1.6% to $50.41.
- Breadth on issues was even on the NYSE and 6-5 positive on the NASDAQ. Composite volume on the NYSE totaled 3.0 billion shares.
- Treasuries declined with the 10-year note down 2/32 to yield 2.58%. For the week, the Dow was up 2.2%, the S&P 500 advanced 3.0% and the NASDAQ climbed 3.5%.
For the complete report, click Mike's Market Report.