Rally Among Commodity Producers Leads To Positive Day On Markets – Acadiana Business Index
Stocks finished higher in a choppy trading session. Mike Hunter has your stock market report on the Acadiana Business Index.
- The Dow gained 23 points to 15639. The S&P 500 Index rose 6 points to 1767. The NASDAQ was up more than 14 points to 3936.
- Stocks closed in positive territory thanks to a rally among commodity producers. Energy was the best performing group. Anadarko Petroleum increased 1.9% to $96.15 ahead of the company’s earnings report after the close tonight. The materials sector also helped lift the market. Alcoa rallied to the highest level since May 2012 as it rose 7% to $9.92. Financials lagged behind. Berkshire Hathaway lost 0.6% to $114.63 on Class B shares after posting a disappointing earnings report.
- Weak economic data was overlooked. Factory orders increased less than expected in September and bookings unexpectedly declined in August.
- Comments from the Fed garnered some attention. Fed Governor Powell said monetary policy is likely to stay highly accommodative “for some time.” However, Dallas Fed President Fisher wouldn’t rule out backing a tapering of bond purchases by March.
- NYSE Composite volume totaled over 3.1 billion shares. On the NYSE, advancers beat decliners by 2-1 on issues and 3-1 on volume. The NASDAQ was 2-1 positive on issues and on volume. Treasuries snapped a three-day retreat. The 10-year note was up 5/32 to yield 2.60% and the 30-year bond gained 1/32 to yield 3.69%.
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