Investors Prepare For Election Day – Acadiana Business Index
- The Dow Jones Industrial Average gained 19 points to 13,112 after being down by as many as 54 points in early action. The S&P 500 added 3 points to close at 1417 and the NASDAQ advanced nearly 18 points, bringing the index to 3000.
- Stocks traded in a narrow range throughout the session as investors prepared for Tuesday’s presidential elections.
- Early economic data was modestly negative with the ISM non-manufacturing index falling more than expected in October.
- Six of the 10 sectors on the S&P ended higher, led by gains in materials. Steel producers led the space with U.S. Steel adding 29 cents to $21.13 and Nucor ending higher by 31 cents at $40.95 per share.
- On the earnings front, Transocean gained $2.58 to $48.64 following the company’s better-than-expected third-quarter profit tally. Also among earnings, Time Warner Cable fell $6.24 to $91.93 after the company missed analysts’ estimates in the quarter.
- In other news, shares of Apple rallied $7.82 to $584.62 on reports that the company sold over 3 million iPad minis over the weekend.
- Composite volume on the NYSE was just under 2.9 billion shares. Issues on the exchange were even. The NASDAQ was 3-2 positive on issues.
- Turning to fixed income, Treasuries are higher along the curve. The benchmark 10-year note was up 5/16 of a point to yield 1.69% and the 30-year bond advanced 23/32 to yield 2.87%.
For the complete report, click Ken's Market Report.