Energy Leads The Way On The Markets – Acadiana Business Index
- The Dow gained 54 points to a 5-year high at 14035. The S&P 500 reached its best level in 5-years, adding 11 points to close at 1531. The NASDAQ rose 21 points to finish at 3213.
- The major averages advanced Tuesday amid optimism over corporate M&A activity. Shares of Office Depot increased 9.4% to $5.02 and Office Max rallied 20.9% to $13.00 on reports the companies are in merger talks and may announce a deal as early as this week.
- Tuesday’s market gain was also attributed to a positive report out of Europe that showed German investor sentiment rose to its highest level in almost three years.
- Nine of 10 sectors in the S&P 500 advanced led by energy. ConocoPhillips gained 2.8% to $58.60. Chevron closed 0.8% higher at $115.92. Industrials outperformed with Sealed Air rallying 9.0% to $21.15 on its positive earnings results. In tech, Google climbed 1.8% to a record high of $806.85. Materials were the laggard with miner Freeport McMoRan down 2.2% to $34.26 amid weakness in metal prices. Pulte Group fell 1.8% to $19.95 after a report showed homebuilders' confidence declined in February.
- Breadth was positive on issues by an 11-5 margin on the NYSE and approximately 2-1on the NASDAQ. Composite volume on the NYSE totaled more than 3.7 billion shares. Treasuries were lower with the 10-year note off 7/32 to yield 2.03%.
For the complete report, click Ken's Market Report.