Stocks Snap Two-Day Losing Streak – Acadiana Business Index
- The Dow Jones Industrial Average added 62 points to 13,391 after being up by as many as 87 points in earlier action. The S&P 500 ended higher by 4 points to 1461 and the NASDAQ advanced 14 to finish at 3106.
- Stocks snapped a two-day losing streak on the heels of some positive corporate earnings reports. Seven of the 10 sectors on the S&P ended higher, led by gains in industrial stocks. Boeing led the advance with shares adding $2.63 to $76.76. Biotech stocks also showed strength following some positive comments out of the JP Morgan Health Care Conference. Regeneron gained $6.77 to $183.40 and Alexion Pharmaceuticals rallied $2.82 to $100.31. On the earnings front, Alcoa ended 2 cents lower at $9.08 after trading higher for most of the session. In other news, Herbalife rallied $1.60 to $39.95 following reports that activist investor Dan Loeb took an 8% stake in nutritional supplements company.
- Composite volume on the NYSE was 3.6 billion shares with advancers besting decliners by a 2-1 margin. The NASDAQ was 2-1 positive on issues.
- Turning to fixed income markets, Treasuries are modestly higher along the curve. The benchmark 10-year note was up 1/32 to yield 1.86% and the 30-year bond added 3/32 to yield 3.07%.
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