Stocks Finish Mixed Despite Unemployment Rate’s Unexpected Decline – Acadiana Business Index
- The Dow touched its highest level since December 2007 as it gained 34 points to 13610. The S&P 500 Index finished virtually unchanged at 1460 and the NASDAQ was lower by 13 points 3136. Overall, the benchmark index posted its first weekly advance in three weeks as it gained 1.4%, the Dow was up nearly 1.3% and the NASDAQ added on 0.6%.
- Friday’s encouraging jobs data prompted a rally at the open. The unemployment rate unexpectedly declined below 8% for the first time since March 2009 as it fell to 7.8% in September. A rise in nonfarm payrolls of 114,000 in September added to optimism that the economy may be gaining momentum.
- However earlier gains were erased as profit taking took the scene. As a result, sector action was mixed.
- Materials were the best performing stocks as Alcoa advanced 2 cents to $9.09.
- The defensive characteristics of telecommunication pushed the sector lower with AT&T down 4 cents to $37.86.
- Technology was also a laggard as Apple fell $14.24 to $652.59.
- NYSE Composite volume totaled over 3.1 billion shares. The NYSE was 4-3 positive on issues and even on volume.
- Decliners beat advancers on the NASDAQ by 8-7 on issues and by 7-5 on volume.
- In fixed-income, Treasury yields climbed to the highest levels in two weeks as the 10-year note gave up 16/32 to yield 1.73% and the 30-year bond lost over a full point to yield 2.96%.
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