Telecom Stocks Lead Positive Day On Wall Street – Acadiana Business Index
- The Dow Jones Industrial Average added 43 points to close at 13,208, after being down as many as 70 points in early action. The S&P 500 advanced 3 points to 1406, and the NASDAQ finished in the green by 2 points to close at 3021. For the week, the Dow gained 0.9%, the S&P 500 advanced 1.1%, and the NASDAQ rallied 1.8%.
- Stocks were under pressure from the opening bell as weaker-than-expected Chinese export data heightened concerns over slowing global growth. Despite this the major averages pushed higher into the closing bell.
- Eight of the 10 sectors on the S&P finished higher, led by gains in telecom stocks. AT&T paced the advance, adding 26 cents to end at $37.49 per shares.
- On the earnings front, Nordstrom is in the green by $1.05 to $56.13 after the company met expectations in their earnings and raised its full year sales forecast.
- In other news, shares of Facebook gained 80 cents to $21.81 after the company reported that time spent on the social website increased by 10% in July.
- Composite volume on the NYSE was 2.7 billion shares with advancing issues besting decliners by a margin of 7-6. The NASDAQ was 5-4 negative on issues.
- Turning to fixed income, Treasuries are higher along the curve with the benchmark 10-year note higher by 9/32 to yield 1.66%.
For the complete report, Ken’s Market Report.