Dow Closes At New All-Time High – Acadiana Business Index
The major averages finished mixed on Monday. Ken Meyers has your stock market report on the Acadiana Business Index.
- The Dow was up 7 points to close at a new all-time high of 16,072. The S&P 500 Index lost 2 points to 1,802. The NASDAQ briefly hit 4,000 for the first time since 2000 and finished with an advance of 2 points to 3,994.
- Stocks initially rose after Iran agreed to limit its nuclear program in return for reduced international sanctions on its key exports.
- However, disappointing economic data offset the international deal. Pending home sales unexpectedly fell for the fifth straight month in October and an index of Texas manufacturing grew at a slower than anticipated pace this month.
- As a result, nearly every sector declined. Energy was the worst performing group as crude oil prices fell. Schlumberger dropped 3.3% to $89.69 and ConocoPhillips fell 1.5% to $72.88. Losses in materials and industrials also weighed on the market. Dow Chemical declined 1.8% to $38.96. General Electric lost 1.1% to $26.79. The health care sector helped limit losses thanks to Biogen’s 3.3% jump to $295.08. Financials also gained ground. Shares of Citigroup rose 1.7% to $53.29 and Bank of America increased 1.3% to $15.84.
- NYSE Composite volume totaled more than 2.9 billion shares. On the NYSE, advancers matched decliners on issues and on volume. The NASDAQ was also even on issues and on volume.
- Treasuries rose after a government auction of two-year notes garnered solid demand. The 10-year note was up 3/32 to yield 2.73% and the 30-year bond gained 4/32 to yield 3.82%.
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