Third Day Of Gains For Major Averages – Acadiana Business Index
Stocks ended higher in the session. Ken Meyers has your stock market report on the Acadiana Business Index.
- The Dow Jones Industrial Average gained 114 points to 15,024, the S&P 500 advanced almost 10 points to 1613 and the NASDAQ closed 25 points higher at 3401.
- The major averages were able to post a third day of gains on the heels of some positive economic reports.
- Looking at the data, weekly jobless claims and consumer spending were largely in-line with expectations, while personal incomes rose more than estimated.
- Housing data was also positive as May pending home sales increased more than expected.
- Nine of the 10 sectors on the S&P finished higher led by gains in financial and industrial stocks. Shares of JP Morgan gained 1.2% to $53.15 and Boeing advanced 2.4% to $103.16. On the earnings front, ConAgra Foods was up 5.1% to $35.04 after the company’s quarterly results topped analysts’ expectations. On the downside, spice maker McCormick was down 2% to $70.60 as the company lowered their full year earnings expectations.
- Composite volume on the NYSE was 3.3 billion shares with advancing issues besting decliners by a 5-1 margin. The NASDAQ was 11-3 positive on issues.
- Turning to fixed income markets, Treasuries ended higher along the curve. The benchmark 10-year note was up 1/2 of a point to yield 2.48% and the 30-year bond gained about 5/8 of a point to yield 3.53%.
For the complete economic report, click Ken's Market Report.