S&P 500 Index Hits Highest Level In Over A Month – Acadiana Business Index

Markets staged a rally at the corner of Broad & Wall, sending the S&P 500 Index to its highest level in over a month. Ken Meyers has the latest on Wall Street on the Acadiana Business Index.

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• The benchmark index gained 13 points to 1357 and the Dow was up 95 points to 12837, while the NASDAQ was higher by 34 points to 2929. NYSE Composite volume totaled over 3.7 billion shares. The NYSE was 5-1 positive on issues and on volume. Advancers beat decliners on the NASDAQ by 3-1 on issues and by 6-1 on volume.
• The rally was buoyed by hopes for additional stimulus measures, ahead of the conclusion of the Fed’s two-day policy meeting tomorrow. In addition, some euro zone concerns eased to add to the positive tone as Spanish bond yields declined after a solid bill auction and European creditors prepared to ease Greece’s bailout terms. As a result, all sectors saw green.
• Materials led the push higher as crude oil advanced and copper extended its longest rally in seven weeks.
• Earnings results also garnered attention. FedEx initially lost ground after posting disappointing full-year guidance, but rebounded to gain $2.50 to $91.01 after saying it plans to restructure its express business. Oracle also advanced, increasing 79 cents to $27.90 as its fourth-quarter profit topped estimates and fellow techie Adobe was scheduled to post its tally after the closing bell tonight.
• In bondland, Treasury prices experienced their first decline in three sessions with the 10-year note down 12/32 to yield 1.62% and the 30-year bond lost nearly a full point and half to yield 2.73%.

For the complete report, click Ken’s Market Report.