Positive U.S. Economic Readings Overtake European Economic Concerns – Acadiana Business Index
- The Dow Jones added 92 points to 12,627, the S&P 500 advanced 12 points to 1332, and the NASDAQ gained 21 points to close at 2875. Composite volume on the NYSE was 2.3 billion shares with advancing issues besting decliners by a margin of 11-3. The NASDAQ was 5-2 positive on issues.
- Stocks rallied in early trading as positive U.S. economic readings muted ongoing concerns over Europe.
- Durable goods orders and pending home sales for May both rose more than expected.
- All 10 sectors on the S&P finished higher, led by gains in energy stocks as crude oil rallied $1.08 to $80.44 per barrel. Shares of Chevron gained $1.62 to $102.57 and Exxon advanced 80 cents to $83.20.
- Home builders also rallied in the session after Lennar posted a better-than-expected earnings report. Lennar was up $1.31 to $28.70 and D.R. Horton added 39 cents to close at $17.26.
- In other news, Arena Pharmaceuticals jumped $2.54 to $11.39 after the FDA approved their anti-obesity drug.
- Also in the space, Bristol-Myers Squibb added 57 cents to $35.09 after the company’s board of directors approved a $3 billion extension in their share repurchase program.
- Turning to fixed income markets, Treasuries were modestly higher along the curve. The 10-year note was up 1 tick to yield 1.63% and the 30-year bond was up 1/32 to yield 2.70%.
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