Technology Best Performing Sector On The Session – Acadiana Business Index
- The Dow fell 33 points to 13124. The S&P declined less than a point to 1410. The NASDAQ Composite finished with a 3 point gain to close at 3073.
- The major averages swung between gains and losses as investors await word from the Fed on monetary policy later this week.
- Technology was the best performing sector on the session. Shares of Apple gained $12.02 to $675.20 after winning its patent case against rival Samsung. Utilities outperformed with Dominion Resources rising 56 cents to $54.05.
- On the earnings front, retailer Tiffany climbed $4.21 to $62.71 after quarterly results showed same store sales fell less than analysts projected.
- In the financials, Hudson City Bancorp rallied $1.00 to $7.43 after agreeing to be acquired by M&T Bank for approximately $3.7 billion.
- Telecom and materials were the worst performing sectors on Monday. Dow component Verizon declined 41 cents to $42.76 following cautious comments in Barron’s over the weekend.
- Peabody Energy shed 57 cents to $22.80.
- Breadth was negative on the NYSE by a 12-11 margin on issues. NYSE composite volume totaled over 2.4 billion shares.
- Declining issues matched advancers on the NASDAQ. The 10-year note gained 11/32 to yield 1.65%.
For the complete report, click Ken’s Market Report.