Telecom Stocks Lead The Markets – Acadiana Business Index
- The Dow Jones Industrial Average gained over 24 points to 14,700 after being up as many as 91 points in early action. The S&P 500 was up 6 points to 1585, and the NASDAQ advanced 20 points bringing the index to 3289.
- Stocks edged higher through much of the day as investors responded to a positive report on weekly jobless claims and several corporate earnings reports.
- Equity markets did an exhale late in the session after Fed Chairman Bernanke warned that vulnerabilities in the markets still exist.
- Despite this, all 10 sectors on the S&P finished higher, led by gains in telecom stocks. Verizon Communications led the space with shares advancing 2.7% to $53.22 on news that the company was preparing a bid to take full control of the wireless unit from Vodafone. On the earnings front, United Parcel Service rose 2.3% to $85.42 and Dunkin Brands gained 3.7% to $39.00 as both companies topped analysts’ estimates in the quarter. On the downside, 3M shed 2.8% to $104.88 after the company lowered their full year earnings guidance.
- Composite volume on the NYSE was 3.8 billion shares with advancing issues besting decliners by nearly a 2-1 margin. The NASDAQ was 5-3 positive on issues.
- Turning to fixed income markets, Treasuries were modestly lower with the benchmark 10-year note off 1/32 to yield 1.71%.
For the complete report, click Ken's Market Report.