Investors Respond To Disappointing Report On Durable Goods Orders And Batch Of Mixed Corporate Earnings – Acadiana Business Index
- The Dow Jones Industrial Average fell 43 points to 14,676, the S&P 500 was unchanged at 1578 and the NASDAQ ended less than a point higher with the index at 3269.
- Stocks traded in a narrow range throughout the session as investors responded to a disappointing report on durable goods orders and a batch of mixed corporate earnings.
- Seven of the 10 sectors on the S&P ended higher led by gains in material stocks. Shares of Freeport-McMoRan gained 4.4% to $29.78 as gold prices advanced 1.5% to $1429 an ounce. On the earnings front, Yum! Brands added 7% to $68.65 and Boeing was higher by 3% to $90.83 after both companies topped analysts’ estimates in the quarter. On the downside, AT&T gave up 5% to $37.04 as the company posted disappointing revenues and reported a net loss in cell phone subscribers.
- Composite volume on the NYSE was over 3.5 billion shares with advancing issues besting decliners by a 2-1 margin. The NASDAQ was 7-3 positive on issues.
- Turning to fixed income markets, Treasuries were modestly higher along the curve. The benchmark 10-year note was up 1/16 of a point to yield 1.70% and the 30-year bond gained 9/32 to yield 2.89%.
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