Energy Stocks Lead Way In Positive Day On Markets- Acadiana Business Index
- The Dow was up 138 points to 15254. The S&P 500 Index gained over 9 points to 1640. The NASDAQ increased 9 points to 3465.
- Stocks were under pressure for most of Monday’s session after a measure of U.S. manufacturing unexpectedly contracted in May for the first time in six months, falling to its lowest level since June 2009. In addition, construction spending rose by 0.4% in April, missing expectations for an increase of 0.9%.
- However, the market erased earlier losses after Atlanta Fed President Dennis Lockhart said recent economic data suggests the economy isn’t strong enough to justify a reduction in the central bank’s bond-buying program.
- Overall, nearly every sector finished higher. Energy was the best performing group as Apache rallied 2.7% to $84.38 and Occidental Petroleum gained 2.3% to $94.14. Automakers were another bright spot. General Motors was up 1.4% to $34.37 and Ford also added on 1.4% to $15.90 after both companies posted encouraging monthly sales figures. Financials lagged behind as Bank of America fell 1.4% to $13.48 and JPMorgan lost 0.5% to $54.34.
- NYSE Composite volume totaled over 3.8 billion shares. On the NYSE, decliners beat advancers by 6-5 on issues, but volume was 3-2 positive. The NASDAQ was 10-7 positive on issues and 4-3 positive on volume.
- In fixed-income, Treasuries finished little changed. The 10-year note was flat to yield 2.13% and the 30-year bond gained 11/32 to yield 3.26%.
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