Optimism Over U.S. Economy Leads To Positive End To Week – Acadiana Business Index

Stocks finished Friday’s session with modest gains. Ken Meyers has your stock market report on the Acadiana Business Index.

• The Dow rose 36 points to an all-time high of 15118. The S&P 500 hit a new record, advancing 7 points to 1633. The NASDAQ was 27 points higher to close at 3436. With Friday’s gain, the major averages were higher on the week. The Dow gained 1.0%, the S&P 500 added 1.2% and the NASDAQ was up 1.7%.
• The major averages ended the week on a positive note amid optimism over the U.S. economy and central bank stimulus efforts.
• With no major economic data on Friday’s calendar, comments from Fed Chairman Bernanke garnered attention. In a speech at the Chicago Fed’s conference, Bernanke said the central bank is monitoring markets for increased risk taking.
• Health care and consumer discretionary were the best performing sectors Friday. Shares of Humana gained 2.6% to $80.09. Retailer Gap rose 5.6% to $40.99 after saying same-store sales increased 7.0% in April. Priceline climbed 3.8% to $765.41 despite lowering its second-quarter outlook.
• Energy was the worst performing group as a strong dollar weighed on energy prices. Shares of Exxon closed 1.0% lower at $90.14.
• Breadth was positive on issues by 7-4 on the NYSE and 2-1 on the NASDAQ. NYSE Composite volume totaled 3.1 billion shares.
• Treasuries were lower with the 10-year note falling 23/32 to yield 1.89%.