Dow Closes At Near Five-Year High – Acadiana Business Index
- The Dow closed at its highest level since December 2007 as it gained 69 points to 13323. The S&P 500 Index increased 4 points to 1433 but the NASDAQ finished virtually unchanged at 3104.
- Speculation of U.S. stimulus measures and reduced fears of a hard landing in China helped stocks gain ground.
- The FOMC meeting kicks off Wednesday and investors remain hopeful for Fed action to help stimulate economic growth.
- Meanwhile in Asia, China’s Premier said his country is on track to meet this year’s economic growth target despite a recent slowdown.
- A report from the NFIB provided additional support as small business confidence unexpectedly rose in August for the first time in four months.
- As a result, almost all sectors were higher led by gains in materials and energy.
- Technology lagged behind to erase earlier gains on the NASDAQ as Apple lost $1.31 to $661.20 ahead of its media event tomorrow.
- Attention now turns to Europe with Germany’s highest court expected to ratify the euro zone’s bailout fund while the European Commission delivers its annual state of the union address.
- Overall, NYSE Composite volume totaled over 3.4 billion shares. The NYSE was 2-1 positive on issues and 3-1 positive on volume.
- Advancers beat decliners on the NASDAQ by 3-2 on issues and by 7-5 on volume.
- In fixed-income, the government’s auction of 3-year notes saw record demand, but the 10-year note fell 12/32 to yield 1.70%.
For the complete report, click Ken’s Market Report.