Hewlett-Packard Rallies On The Market – Acadiana Business Index

The major averages finished lower, albeit off of their worst levels of the day. Ken Meyers has your stock market report on the Acadiana Business Index.

• Positive economic reports helped investors overlook concerns that the Federal Reserve could be considering reducing the current level of bond purchases.
• Looking at the data, weekly jobless claims, May manufacturing data and April new home sales came in ahead of expectations.
• On the earnings front, Hewlett-Packard rallied 17.1% to $24.86 after the company topped analysts’ estimates in the quarter and boosted their full year guidance.
• On the downside, L Brands gave up 0.5% to $51.19 and Hormel Foods fell 2.7% to $41.26 following their profit tallies.
• Composite volume on the NYSE was about 3.8 billion shares with declining issues besting advancers by a 3-2 margin. The NASDAQ was even on issues.
• Turning to fixed income markets, Treasuries were higher along the curve. The benchmark 10-year note was up ¼ of a point to yield 2.02% and the 30-year bond advanced 5/8 to yield 3.19%.

For the complete economic report, click Ken's Market Report.