Optimism On Greece And U.S. Housing Market Leads To Gains – Acadiana Business Index
- The Dow closed up 125 points at 12580. The S&P 500 gained over 14 points to finish at 1332. The NASDAQ added 33 points to end the session at 2870. The NYSE was 15-4 positive on issues. NYSE Composite volume totaled 3.3 billion shares. Advancers outpaced decliners on the NASDAQ by 9-8 on issues.
- The major averages advanced on Tuesday as polls showed Greek voters increased support for parties backing austerity measures. Stocks also received a lift from speculation of additional stimulus measures from China.
- An unexpected decline in consumer confidence this month was offset by a report that showed home prices in the largest 20 U.S. cities fell at the slowest pace in over a year.
- Economically sensitive stocks outperformed on the session with Caterpillar advancing $2.58 to $92.52, Alcoa up 26 cents to $8.89 and Bank of America gaining 29 cents to $7.44. Coal stocks rallied with Peabody Energy rising $1.34 to $25.22 after an analyst raised the outlook for the group before the open.
- Over in tech, Apple climbed $10.82 to $572.45 amid speculation the company was set to start production of a new TV set. Facebook continued to struggle, falling $3.05 to $28.84, to extend its loss to over 20% since going public on May 17
- The 10-year note closed down 5/32 to yield 1.75%.
To see the complete report, click Ken's Market Report.