Stocks End Mixed – Acadiana Business Index
- The Dow Jones Industrial Average fell 39 points to close at 13,169 and the S&P 500 gave up 2 points to 1404. The NASDAQ bucked the trend, gaining 2 points to end at 3023.
- Stocks were under pressure from the opening bell as investors took a breather from the previous week’s rally and as global economic data fell short of expectations.
- Japan’s GDP came in weaker-than-expected after China’s growth target was cut by a major U.S. bank.
- Eight of the 10 sectors on the S&P finished lower, led by declines in material and industrial stocks.
- Alcoa lost 15 cents to $8.83 per share and Caterpillar fell 33 cents to $88.61.
- On the earnings front, shares of food distributor Sysco were up $1.30 to $30.14 following the company’s better-than-expected profit tally.
- On the M&A front, Focus Media rallied $2.07 to $25.45 following reports that the company has been receiving offers to go private.
- Composite volume on the NYSE was 2.5 billion shares with declining issues besting advancers by a margin of 7-4. The NASDAQ was 5-4 negative on issues.
- Turning to fixed income, Treasuries were little changed. The benchmark 10-year note was flat to yield 1.66% and the 30-year bond was up 1/32 to yield 2.75%.
For the complete report, click Ken’s Market Report.