Energy And Telecommunication Shares Suffer On Wall Street – Acadiana Business Index
- The Dow was up 2 points to 13345. The S&P 500 Index was virtually unchanged at 1433 and the NASDAQ gained over 11 points to 3016.
- Stocks finished little changed as investors digested a batch of mixed earnings reports.
- Caterpillar advanced $1.22 to $85.08 despite forecasting weak 2013 sales growth. Peabody Energy was also higher as it delivered a profit outlook above expectations and rallied by $3.06 to $28.95.
- On the downside, Freeport-McMoRan lost 60 cents to $40.58 after posting a quarterly profit below street estimates for the first time in over four years.
- Profit tallies will remain in focus after the closing bell with reports due out from Yahoo and Texas Instruments.
- Overall, sector action was mixed. Gains in technology supported a late push higher as Apple rebounded with an advance of $24.51 to $634.32.
- Energy was the worst performer as Halliburton lost 42 cents to $34.56 and telecommunication shares were also weak with Verizon down 39 cents to $44.77.
- NYSE Composite volume totaled over 3.1 billion shares. Advancers matched decliners on the NYSE and on the NASDAQ.
- In fixed-income, Treasuries extended last week’s losses to push yields higher. The 10-year note was down 13/32 to yield 1.81% and the 30-year bond lost 20/32 to yield 2.97%.
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