Stocks Go Into Fourth Of July Holiday On High Note – Acadiana Business Index
- The Dow advanced 72 points to close at 12943. The S&P 500 gained over 8 points to finish at 1374. The NASDAQ closed 24 points higher at 2976. Breadth was positive on issues by a 4 to 1 margin on the NYSE and by 11 to 4 on the NASDAQ. NYSE Composite volume totaled less than 2.1 billion shares.
- The major averages advanced ahead of the July 4th holiday after a report by the Commerce Department showed factory orders rose 0.7% in May versus the projections for a 0.1% increase.
- Economically sensitive stocks paced the market higher. Shares of Schlumberger gained $2.40 to $67.34 in sympathy with a rally in oil. Miner Freeport McMoRan climbed $1.33 to $35.21 as copper and gold prices advanced.
- In the technology sector, Apple briefly broke above $600 for the first time since April before finishing the session up $7.04 to $599.56. Microsoft rebounded from an earlier decline on its announced $6.2 billion charge related to the write-down of its internet advertising unit aQuantive to end the session up 15 cents to $30.71.
- European markets finished in positive territory bolstered by optimism the region’s central bank might announce additional stimulus measures following Thursday’s policy meeting. The FTSE added 0.8% in London while the DAX climbed 1.3% in Frankfurt.
- Treasuries ended the session lower with the 10-year note down 5/16 to yield 1.62%.
For the complete report, click Ken’s Market Report.