Stocks Open November On Positive Note – Acadiana Business Index
- The Dow Jones Industrial Average advanced 136 points to 13,233, the S&P 500 added 15 points to 1428, and the NASDAQ ended higher by 43 points at 3020.
- Stocks opened November on a positive note as better-than-expected economic readings helped buoy the major averages.
- Looking at the numbers, ADP employment figures for October, weekly jobless claims, and October ISM manufacturing data all modestly topped consensus expectations.
- Eight of the 10 sectors on the S&P ended higher, led by a rally in Material stocks.
- Shares of Alcoa gained 17 cents to $8.74 and Freeport-McMoRan advanced $1.62 to $40.50.
- Corporate earnings also played a factor in the session. Visa rallied $5.12 to $143.88 and Kellogg added $1.15 to $53.47 after both companies topped analysts’ estimates in the quarter.
- In other news, Advanced Auto Parts jumped $10.06 to $81.00 on news that the company was actively seeking bids to be acquired.
- Composite volume on the NYSE was 3.8 billion shares with advancing issues besting decliners by a margin of 10-3. The NASDAQ was 2-1 positive on issues.
- Turning to fixed income markets, Treasuries ended lower along the curve. The benchmark 10-year note is down 7/32 to yield 1.72% and the 30-year bond is giving up 27/32 to yield 2.90%.
For the complete report, click Ken’s Market Report.