The Dow Jones Industrial Average’s Winning Streak Continues – Acadiana Business Index
- The Dow closed at a new all-time high for the third-straight session as it gained 33 points to 14329. The S&P 500 Index increased 2 points to 1544, placing it about 1.3% below its all-time high. The NASDAQ was higher by 9 points to 3232. On the NASDAQ, advancers beat decliners by 11-7 on issues and by 2-1 on volume.
- Investors received another sign that the labor market is strengthening. Initial jobless claims dropped last week to a six-week low of 340,000 and the four-week average fell to a five-year low.
- Action in the euro zone also garnered attention. The ECB lowered its euro-area economic forecasts, but President Draghi said the region will gradually improve throughout 2013 amid subdued inflation.
- Now the spotlight turns to Friday’s all-important monthly employment update. Non-farm payrolls are expected to grow by 165,000 in February with the unemployment rate holding steady at 7.9%.
- Financials and Materials were among the biggest advancers for the second-straight session. Bank of America advanced 2.8% to $12.26 and Mosaic gained 1.9% to $59.31. The more defensive Utilities group lagged behind as Duke Energy lost 0.5% to $69.53.
- NYSE Composite volume totaled over 3.6 billion shares. The NYSE was 11-8 positive on issues and 7-4 positive on volume.
- Treasury prices fell for a fourth day, marking the longest losing streak since January. The 10-year note was down 15/32 to yield 1.99% and the 30-year bond lost 27/32 to yield 3.20%.
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