Dow Exceeds But Can’t Maintain All Time High – Acadiana Business Index
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- The Dow Jones Industrial Average gained just 14 points to 15,976 after being up by as many as 68 points in early trading. The S&P 500 fell 6 to 1791 and the NASDAQ shed 36 points with the index closing at 3949.
- Stocks turned lower in the final hour of trading after Carl Icahn expressed a cautious outlook on equity markets. The comments added to existing trepidation following a six-week rally on the S&P and ahead of Ben Bernanke’s speech Tuesday evening.
- Monday’s economic data was disappointing with the NAHB housing market index falling short of estimates.
- Most sectors on the S&P ended lower. Energy stocks showed weakness as crude oil prices declined 0.9% to $92.97 per barrel. On the earnings front, Tyson Foods added 2.2% to $29.42 after posting earnings ahead of analysts’ estimates. In other news, shares of Microsoft fell 1.7% to $37.20 as the stock received an analyst’s downgrade.
- Composite volume on the NYSE was more than 3.1 billion shares with declining issues besting advancers by an 8-5 margin. The NASDAQ was 7-4 negative on issues.
- Turning to fixed income markets, Treasuries were higher along the curve. The benchmark 10-year note was up 13/32 to yield 2.67% and the 30-year bond gained 13/16 of a point to yield 3.75%.