NASDAQ Reaches Highest Level Since October 2000 – Acadiana Business Index
- The Dow was up over 19 points to 15484 and the S&P 500 Index gained 2 points to 1682 as both indices closed at new all-time highs. The NASDAQ finished at its best level since October 2000 as it rose 7 points to 3607.
- The major averages managed to close higher despite a weaker-than-expected retail sales report.
- A pickup in manufacturing helped lift the market as New York area factory sentiment expanded at the fastest pace in five months.
- The encouraging start to earnings season added to the upside. Citigroup’s second-quarter profit increased by 42% from a year ago which pushed its shares up 2.1% to $51.86. Earnings season for the major U.S. banks will continue Tuesday with Goldman Sachs’ profit tally due out before the open, in addition to notable reports from Coca-Cola and Johnson & Johnson.
- Overall, most sectors finished higher. Utilities and Technology paced the advance as NextEra Energy rallied 1.7% to $85.46 and Apple rose 0.3% to $427.97. Telecommunications lagged behind led by Verizon’s 0.9% decline to $49.96.
- NYSE Composite volume totaled over 2.5 billion shares. On the NYSE, advancers beat decliners by 5-3 on issues and by 2-1 on volume. The NASDAQ was 2-1 positive on issues and 7-4 positive on volume.
- In fixed-income, Treasuries extended last week’s rally. The 10-year note was up 11/32 to yield 2.54% and the 30-year bond gained 14/32 to yield 3.60%.
For the complete economic report, click Ken's Market Report.