Dow Closes At Record High – Acadiana Business Index
Most stocks rebounded on Wednesday. Ken Meyers has your Acadiana Business Index.
- The Dow closed at a fresh record high as it gained 128 points to 15746. The S&P 500 Index increased 7 points to 1770. The NASDAQ bucked the uptrend as it lost 7 points to 3931.
- Monetary policy was in focus. Research reports from the Fed argued economic weakness merits the need for continued stimulus measures.
- Meanwhile, ahead of Thursday’s GDP report, the leading indicators index unexpectedly increased.
- Overall, nearly every sector finished in positive territory. The telecommunications group was the best performing sector. Frontier Communications rallied 5.3% to $4.72 after its third-quarter revenue topped expectations thanks to subscriber growth. Utility stocks also staged a rally. Dominion Resources said its quarterly profit more than doubled and its shares increased 2.2% to $65.98. On the downside, Tesla Motors’ 15% drop to $150.35 weighed on the NASDAQ. The company delivered weaker than anticipated earnings and a disappointing sales outlook. After the close, investors will focus on the pricing of Twitter's IPO as well as earnings results from Qualcomm, CBS and Prudential.
- NYSE Composite volume totaled over 3.3 billion shares. On the NYSE, advancers beat decliners by 9-8 on issues and 7-5 on volume. The NASDAQ was even on issues and 9-7 negative on volume. Treasury prices increased. The 10-year note was up 7/32 to yield 2.64% and the 30-year bond gained 1/32 to yield 3.77%.