President Obama’s Positive Comments On Fiscal Cliff Leads To Positive Day On Wall Street – Acadiana Business Index
- The Dow Jones Industrial Average gained 207 points to end at 12,796, the S&P 500 added 27 points to 1387, and the NASDAQ advanced 63 points to 2916.
- Stocks advanced from the opening bell as investors responded to positive comments from President Obama regarding the fiscal cliff.
- Economic data also helped lift equities. October existing home sales unexpectedly rose 2.1% and the housing market index rose more than consensus projections.
- Nine of the 10 sectors on the S&P ended higher, led by gains in tech stocks. Shares of Apple led the rally, gaining $38.05 to $565.73 per share after touching a nine-month low last week. Energy stocks also showed strength as crude oil rose $2.24 to $89.16 per barrel as tensions in the Middle East remain heightened. Exxon ended higher by $1.22 at $87.67 and Chevron by $1.95 to $104.35.
- On the earnings front, Lowe’s advanced $1.98 to $33.96 after the company topped analysts’ expectations in the quarter.
- Composite volume on the NYSE was 3.3 billion shares with advancing issues besting decliners by a margin of 7-1. The NASDAQ was 11-3 positive on issues.
- Turning to fixed income, Treasuries ended lower with the benchmark 10-year note down 5/16 of a point to yield 1.61%.
For the complete report, click Ken's Market Report.