Late Rally Ends In Mixed Results – Acadiana Business Index
- The Dow Jones gave up 11 points to 13,269 and the S&P 500 shed 4 points to 1402. The NASDAQ recovered from being down 21 points in early action to close higher by 9 points to 3060.
- Stocks opened lower following a disappointing jobs report. The ADP employment reading showed 119,000 jobs added in April, well below consensus expectations of 170,000.
- Financials were the worst performing sector. Shares of Citigroup led the sector lower after shares gave up 90 cents to close at $32.70.
- In other news, Chesapeake Energy fell $2.86 to $16.74 a day following the firm’s disappointing profit tally and after announcing that their CEO would be replaced.
- On the M&A front, Standard Microsystems jumped $10.19 to $36.43 after the company agreed to be acquired by Microchip Technology for about $37 per share.
- In bondland, Treasuries were higher along the curve. The benchmark 10-year note was 7 ticks higher to yield 1.92% and the 30-year bond gained 11/16 of a point to yield 3.11%.
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