Stocks Rebound From Moody’s Downgrade Of 15 Global Banks – Acadiana Business Index
- The Dow gained 67 points to close at 12640. The S&P 500 added over 9 points to finish at 1335. The NASDAQ gained 33 points to end the session at 2892. Breadth was positive with advancing issues on the NYSE outpacing decliners by an 11 to 5 margin. NYSE composite volume totaled over 3.9 billion shares. On the NASDAQ, 19 stocks rose for every 8 that fell.
- The major averages rebounded from Thursday’s sell-off with financials rallying after Moody’s downgrade of 15 global banks were less severe than expected. Stocks also received a lift from the European Central Bank’s plan to ease collateral rules for banks to receive funds. Shares of Morgan Stanley rose 18 cents to $14.14. Bank of America added 12 cents to finish at $7.94 while Citigroup gained 16 cents to close at $27.99.
- Merck advanced 73 cents to $40.18 to pace an advance in health care stocks. Darden Restaurant was a notable decliner on today’s session. Shares of the owner of Red Lobster fell 35 cents to $50.04 after reporting fourth-quarter revenues below analyst projections.
- Treasuries finished the session lower with the 10-year note down 1/2 a point to yield 1.67%.
- For the week, the Dow fell 1.0% and the S&P 500 lost 0.6%. With today’s advance, the NASDAQ ended the week in positive territory with a 0.7% gain.