Telecoms Lead Monday’s Financial Gainers – Acadiana Business Index

Stocks gave up minor ground in a volatile trading session. Ken Meyers has your stock market report on the Acadiana Business Index.

• The Dow Jones Industrial Average was down nearly 3 points to 13073. The S&P 500 Index lost less than a point to 1385 and the NASDAQ was lower by 12 points to 2945.
• Stocks broke a two-day rally as investors turned defensive ahead of the conclusion of the FOMC meeting on Wednesday and the ECB’s rate decision on Thursday.
• Weak economic data added to the downside as the Dallas Fed manufacturing index dropped in June to its lowest level in almost a year. However, a meeting between U.S. Treasury Secretary Geithner and Germany’s Finance Minister helped ease some concerns as the leaders expressed confidence that the euro zone can overcome its ongoing sovereign debt issues.
• Among sectors, telecoms led today’s gainers while financials lagged behind. AT&T added on 29 cents to $37.43 after announcing a stock repurchase program and JP Morgan fell 75 cents to $36.14 after an analyst downgrade.
• Among other news, Apple bounced back from last week’s decline, gaining $10.03 to $595.50, amid reports that it may unveil new products at an event in September.
• Second-quarter earnings reports will also garner attention after the close tonight with tallies due out from Anadarko Petroleum and Seagate Technology.
• Overall, NYSE Composite volume totaled over 3.1 billion shares with advancers matching decliners on issues and on volume. The NASDAQ was 9-5 negative on issues and 2-1 negative on volume.
• In bondland, Treasuries were higher with the 10-year note up 14/32 to yield 1.50% and the 30-year bond gained a full point to yield 2.57%.