Facebook Shares Drop – Acadiana Business Index
The major averages ended near their session highs. Mike Hunter has your stock market report on the Acadiana Business Index.
- The Dow Jones Industrial Average added 85 points to close at 13,250, the S&P 500 gained 10 points to 1416, and the NASDAQ advanced 31 points to end at 3062.
- Stocks were shaky in early action after economic data failed to impress. Despite this, equities managed to gradually build gains into the closing bell. As a result, 7 of the 10 sectors on the S&P ended in the green, led by a rally in tech and material stocks.
- Shares of Cisco gained $1.67 to $19.02 and Freeport-McMoRan added 54 cents to $35.30.
- On the earnings front, Wal-Mart fell $2.30 to $72.15 after the company reported in-line results, but forecasted full-year earnings below analysts’ expectations.
- In other news, shares of Facebook gave up $1.33 to $19.87 as inside holders of the stock sold shares following the expiration of the lockup period.
- Composite volume on the NYSE was 3 billion shares with advancers besting decliners 5-2 on issues. The NASDAQ was 9-4 positive on issues.
- Turning to fixed income, Treasuries are lower along the curve. The benchmark 10-year note was down 3/16 of a point to yield 1.84% and the 30-year bond was off over a half a point to yield 2.96%.
For the complete report, Ken’s Market Report.