Great Day For Industrial Stocks – Acadiana Business Index
- The Dow climbed 138 points to 15318. The S&P 500 gained 13 points to 1651. The NASDAQ advanced 30 points to finish at 3482.
- The major average advanced for a second consecutive day as investors await the results of the Fed’s two-day policy for indications whether the central bank may start to taper its bond-buying program.
- Tuesday’s economic data also provided a tailwind to the market. Before the open, a report showed consumer prices rose 0.1% in May as food prices declined for the first time in four years.
- A separate release revealed building of new homes increased 6.8% last month to 914,000 from a revised 856,000 in April.
- All 10 sectors in the S&P 500 advanced on the session. Industrials were the best performing group. General Electric was up 2.4% to $24.33. Shares of FedEx added 1.1% to $99.48. Telecom and consumer discretionary stocks outperformed. AT&T was 1.2% higher at $36.17. Best Buy increased 2.4% to $28.06. Hormel was a notable decliner, falling 3.6% to $39.19 after the meat producer reduced its full year earnings forecast.
- Breadth was positive on the NYSE by 2-1 on issues and 18-5 on volume. NYSE Composite volume totaled more than 3.0 billion shares.
- Over at the NASDAQ, advancers topped decliners by 7-3 on issues and 15-4 on volume.
- Treasuries were little changed with the 10-year note flat to yield 2.18%.
For the complete economic report, click Ken's Market Report.