Telecom Stocks Rally – Acadiana Business Index
- The Dow Jones Industrial Average fell 17 points to close at 13,580 after being up as many as 50 points in early trading. The S&P 500 lost less than a point to end at 1460, and the NASDAQ finished in the green by 4 points at 3180. On the week, the Dow shed 0.1%, the S&P 500 gave up 0.4%, and the NASDAQ was lower by 0.1%.
- Five of the 10 sectors on the S&P finished higher, led by a rally in telecom stocks. AT&T paced the advance, gaining 14 cents to $38.08 per shares.
- Also in the space, Verizon added 20 cents to $45.69. Homebuilders were active in today’s session after KB Homes rallied $2.13 to $15.24 on a better-than-expected earnings report.
- Shares of Lennar gained 95 cents to $37.55 and Pulte Group advanced 26 cents to $16.98 in sympathy.
- In other news, Apple was up $1.40 to $70.10 following the release of their new iPhone 5.
- Composite volume on the NYSE was 4.4 billion shares with advancing issues besting decliners by a margin of 7-5. The NASDAQ was 8-5 positive on issues.
- Turning to fixed income, Treasuries are modestly higher along the curve. The benchmark 10-year note is up 5/32 to yield 1.75% and the 30-year bond is adding 1/32 to yield 2.95%.
For the complete report, click Ken's Market Report.