Investors Looking Ahead To Fed Chairman Bernanke’s Congressional Testimony – Acadiana Business Index
The major averages posted moderate gains in the session. Mike Hunter has your stock market report on the Acadiana Business Index.
- The Dow Jones Industrial Average was up 52 points to 15,387, the S&P 500 advanced nearly 3 points to 1669 and the NASDAQ added over 5 points to 3502.
- Stocks managed to hold onto their early gains.
- Dovish comments from regional Presidents Bullard and Dudley eased concerns that the central bank could be planning on paring back its current easing measures.
- Focus will now be on Chairman Bernanke’s congressional testimony Wednesday at 9AM CT.
- Nine of the 10 sectors on the S&P ended higher, led by gains in health care stocks. Drug maker Merck was the top performer, gaining 4.7% to $47.33. On the earnings front, Home Depot advanced 2.5% to $78.71 after the company topped analysts’ expectations in the quarter and raised their full-year guidance. Also among earnings, Medtronic was higher by 5% to $52.40 and Best Buy was off 4.4% to $25.64 following their quarterly profit tallies.
- Composite volume on the NYSE was 3.5 billion shares with advancing issues besting decliners by a 6-5 margin. The NASDAQ was 8-7 positive on issues.
- Turning to fixed income markets, Treasuries are higher along the curve with the benchmark 10-year note up 1/4 of a point to yield 1.93% and the 30-year bond gained 23/32 to yield 3.13%.
For the complete report, click Ken's Market Report.