Stocks Rise Despite Disappointing Economic Reports – Acadiana Business Index
- The Dow added 72 points to 13486. The S&P 500 gained almost 14 points to close at 1447. The NASDAQ Composite rose 42 points to 3136. The major averages advanced amid speculation of additional stimulus measures by China.
- The market extended gains after Spain announced its 2013 budget included measures to cut its deficit.
- Stocks rose despite generally disappointing economic reports.
- Before the open, data showed second-quarter GDP was revised downward to 1.3% from 1.7%.
- Weaker-than-expected August readings on durable goods orders and pending home sales offset an unexpected decrease in first time filings for unemployment benefits.
- Technology was today’s best performing sector with Apple gaining $16.46 to $681.46 to pare back its weekly decline.
- Energy also outperformed with Dow component Exxon up 57 cents to $91.80 as oil advanced.
- Credit card lender Discover gained $2.68 to $39.70 to lead a rally in the financials after reporting quarterly results ahead of projections.
- McCormick was the notable decliner in the S&P 500. Shares of the spice maker fell $1.14 to $61.75 after posting an earnings beat on lower-than-expected revenues.
- Breadth was positive on issues by 3-1 on the NYSE and by 19-7 on the NASDAQ. NYSE composite volume totaled 3.1 billion shares.
- Treasuries snapped its eight day winning streak with the 10-year note down 9/32 to yield 1.64%.
For the complete report, click Ken’s Market Report.