Dow Reaches All-Time High – Acadiana Business Index
- The Dow added 49 points to reach an all-time high of 15105. The S&P 500 hit a new record level, gaining 7 points to close at 1632. The NASDAQ climbed to its best level in 12 years, rising 17 points to 3413.
- The major averages advanced amid a generally positive round of earnings releases. Shares of Whole Foods climbed 10.1% to $102.19 and Electronic Arts rallied 17.1% to $21.56 after posting upbeat quarterly results and increased forecasts. AOL declined 8.9% to $37.74 as earnings missed analyst projections.
- While there were no major U.S economic reports, the market received encouraging data from China and Germany. Chinese exports grew at a better-than-expected pace in April and German industrial production increased in March.
- Materials and tech were the best performing sectors on the session. Freeport McMoRan added 2.7% to $32.39 as metal prices advanced. IT services provider Cognizant Technologies finished 5.0% higher at $68.15 following its earnings report. Retailer J.C. Penney was noticeably higher, up 7.4% to $17.61 after saying preliminary first-quarter sales fell less than a year ago.
- Utilities were the worst performing group with American Electric down 0.9% to $50.12.
- Breadth was positive on issues by 13-7 on the NYSE and 11-8 on the NASDAQ. NYSE Composite volume was more than 3.5 billion shares.
- Treasuries snapped a three day retreat with the 10-year note up 1/16 to yield 1.77%.
For the complete economic report, click Ken's Market Report.