Stocks Overcome Choppy Start – Acadiana Business Index
- The Dow Jones Industrial Average gained 13 points to close at 13,578, the S&P 500 added 2 points to 1461, and the NASDAQ ended in the green by 5 points at 3183.
- Despite a choppy start to the session, stocks found their footing as investors cheered a better-than-expected existing home sales report and after Japan's central bank expanded its bond-buying program.
- Nine of the 10 sectors on the S&P closed higher, led by gains in consumer stocks.
- Homebuilders rallied following the positive housing data. Pulte Group added 67 cents to $16.43 and D.R. Horton rose 87 cents to $22.22.
- On the downside, energy stocks were under pressure as crude oil slipped $3.59 to $91.70 per barrel. Exxon fell $1.08 to $90.57 and Chevron gave up 37 cents to $116.60.
- On the earnings front, Autozone rallied $12.00 to $369.84 and General Mills was up 71 cents to $40.02 after both companies topped analysts’ expectations in their quarterly report.
- Composite volume on the NYSE was 3.4 billion shares with advancing issues besting decliners by a margin of 4-3. The NASDAQ was even on issues.
- Turning to fixed income, Treasuries are higher along the curve. The benchmark 10-year note is up 11/32 to yield 1.78% and the 30-year bond is adding 25/32 to yield 2.97%
For the complete report, click Ken's Market Report.