Markets Rebound From Monday’s Losses – Acadiana Business Index

The market rebounded and nearly erased Monday’s losses. Ken Meyers has your stock market report on the Acadiana Business Index.

• The Dow increased 99 points to 13979, bringing it 1.3% below its all-time high. The S&P 500 Index gained 15 points to 1511 and the NASDAQ rose 40 points to 3171. The major averages closed near five-year highs amid a batch of encouraging profit tallies.
• All sectors were higher led by gains in technology. Dell gained 1% to $13.41 after agreeing to be taken private in the largest leveraged buyout in over five years. Computer Sciences led S&P 500 gainers with a 9.2% increase to $45.75 after boosting its full-year profit forecast. Apple also helped lift the market as it rose 3.6% to $457.85. Financials and health care were also notable performers as Bank of America rose 3.5% to $11.88 and Pfizer advanced 1.3% to $27.51. Earnings results will stay in focus after the closing bell with Walt Disney ($54.29), Chipotle ($305.01), Panera Bread ($163.02) and Zynga ($2.75) all due to report.
• Overseas economic data added to the positive tone. China’s services industries expanded in January at the fastest pace in four months and a survey of euro zone business optimism advanced to a 10-month high.
• NYSE Composite volume totaled over 3.5 billion shares. The NYSE was 8-3 positive on issues and 3-1 positive on volume. On the NASDAQ, advancers beat decliners by 3-1 on issues and by 7-1 on volume.
• In fixed-income, Treasury prices were lower as the 10-year note lost 13/32 to yield 2.00%.

For the complete market report, click Ken's Market Report.