Stocks End Positive Despite Bernanke’s Testimony On Further Stimulus Measures – Acadiana Business Index
- The Dow Jones closed higher by 78 points to 12,805 after being down as many as 82 points in the session. The S&P 500 added 10 points to 1364 and the NASDAQ advanced 13 points to 2910.
- Stocks experienced momentary weakness following Fed Chairman Bernanke’s testimony that lacked any hints toward further stimulus measures. Despite this, equities rebounded to close near their session highs as investors looked to positive economic readings, better-than-expected corporate earnings.
- Looking at the data, prices of consumer goods held firm in June, while industrial production and the housing market index topped expectations.
- All 10 sectors on the S&P finished in the green, led by the health care space. Shares of Pfizer led the space gaining 49 cents to $23.62. Fertilizer stocks also showed strength as drought conditions throughout much of the country pushed grain prices higher. Mosaic jumped $2.84 to $58.21 and CF Industries rallied $4.99 to $203.64. On the earnings front, Coca-Cola gained $1.21 to $77.69 after topping analysts’ expectations in the quarter.
- Composite volume on the NYSE was 3.5 billion shares with advancing issues besting decliners by a margin of 2-1. The NASDAQ was 11-9 positive on issues.
- Turning to the fixed income space, Treasuries were lower along the curve. The benchmark 10-year note fell 3/16 to yield 1.50% and the 30-year bond was off 23/32 to yield 2.60%.