Investors Overlook Batch Of Weak Economic Data – Acadiana Business Index

Stocks closed near their session highs. Ken Meyers has your market report on the Acadiana Business Index.

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• The Dow was up 115 points to 12767. The S&P 500 Index gained nearly 14 points to 1342 and the NASDAQ was higher by just over 36 points to 2872. NYSE Composite volume totaled over 4.2 billion shares. The NYSE was 9-4 positive on issues and 4-1 positive on volume.

• Advancers beat decliners on the NASDAQ by 2-1 on issues and by 5-1 on volume. Today’s gains helped the major indices finish with weekly advances. The S&P 500 posted its first back-to-back weekly gain since April as it rose 1.3% and the Dow increased 1.7%, while the NASDAQ added on 0.5%.

• Ahead of Sunday’s all-important elections in Greece, investors cheered reports that major central banks are preparing a coordinated action to provide liquidity in an effort to improve lending conditions. With investors focused on hopes of stimulus measures, a batch of weak economic data was overlooked. The University of Michigan’s preliminary reading for consumer sentiment fell to a six-month low in June and manufacturing in New York declined to its lowest level since November. Meanwhile, industrial production unexpectedly dropped for the second time in three months.

• With data on the back burner, all sectors were higher led by technology and energy, with Microsoft up 68 cents to $30.01 and Chevron gained $2.41 to $104.33.

• In bondland, Treasuries extended their weekly advance with the 10-year note up 18/32 to yield 1.58% and the 30-year added on over a full point to yield 2.69%.