Dow On Pace For Best January Since 1997 – Acadiana Business Index
- The Dow remains on pace for its best January since 1997 as the blue-chip index gained 46 points to 13825. The S&P 500 Index touched 1500 for the first time since 2007 before closing virtually unchanged at 1494. The NASDAQ bucked the uptrend as it lost 23 points to 3130.
- Losses in technology prevented a broad market advance. Apple led the group lower with a loss of $63.94 to $449.96 after posting its slowest profit growth since 2003 and missing revenue estimates for the third straight quarter. Nearly all other sectors gained ground thanks to better-than-expected profit tallies and encouraging economic data. Netflix reported an unexpected profit and rallied $43.57 to $146.90, marking its best closing level since September 2010. 3M also topped earnings expectations thanks to sales growth in Asia and its shares increased 18 cents to $99.67. Fellow Dow components, Microsoft ($27.33) and AT&T ($33.75) are scheduled to deliver their profit tallies after the close Thursday night.
- Economic data was also in focus. Jobless claims fell to a five-year low last week and the leading indicators index rose in December by the most in three months.
- NYSE Composite volume totaled over 3.6 billion shares. The NYSE was 5-4 positive on issues and 4-3 positive on volume. On the NASDAQ, advancers beat decliners by 5-4 on issues and on volume.
- In fixed-income, Treasuries were lower with 10-year note down 7/32 to yield 1.85% and the 30-year bond lost 17/32 to yield 3.04%.
For the complete report, click Ken's Market Report.