Dow, NASDAQ & S&P 500 Finish Negative Week – Acadiana Business Index
Markets gave up early gains to close with a mixed result. Ken Meyers has your stock market report on the Acadiana Business Index.
- The Dow Jones Industrial Average added just over 2 points to 13,329 after being up by as many as 74 points in early action. The S&P 500 gave up 4 points to 1429, and the NASDAQ was off 5 points to 3044. For the week, the Dow was down 2.1%, the S&P 500 shed 2.2%, and the NASDAQ retreated by 2.9%.
- Stocks failed to hold their early morning gains as investors overlooked a stronger-than-expected reading in October consumer sentiment.
- Six of the 10 sectors on the S&P finished lower, led by losses in financial stocks. Bank of America gave up 22 cents to $9.12 and Citigroup fell 77 cents to $34.75. Also in the space, shares of JP Morgan shed 48 cents to $41.62 despite posting quarterly earnings ahead of analysts’ estimates.
- Also on the earnings front, trucking company J.B. Hunt rallied $3.58 to $58.37 after the company reported better-than-expected quarterly results.
- Composite volume on the NYSE was 3.1 billion shares with declining issues besting advancers by a margin of 9-5. The NASDAQ was 2-1 negative on issues.
- Turning to fixed income markets, Treasuries are higher along the curve. The benchmark 10-year note is up 1/8 of a point to yield 1.66% and the 30-year bond is adding 3/8 of a point to yield 2.84%.
For the complete report, click Ken’s Market Report.