U.S. Budget Negotiations And Encouraging Earnings Lift Stocks – Acadiana Business Index

The major averages rose further above five-year highs Wednesday. Ken Meyers has your stock market report on the Acadiana Business Index.

• The Dow gained 66 points to 13779 to put it on pace for its best January since 1997. The S&P 500 Index advanced for the sixth-straight session as it rose 2 points to 1494. The NASDAQ increased 10 points to 3153.
• Reduced fears surrounding U.S. budget negotiations and encouraging earnings results lifted the market. In Washington, the House approved an extension of the debt ceiling until mid-May and the Senate is expected to pass the measure without any changes.
• On the earnings front, better-than-expected technology profit tallies helped the group lead today’s advance. Google rallied by $39.11 to $741.51 and IBM gained $8.64 to $204.72 after both companies topped earnings estimates and delivered encouraging 2013 forecasts. Apple also gained ground, rising $11.73 to $516.35, but SanDisk gave up 32 cents to $47.63 ahead of their earnings reports after the close. On the downside, materials and utilities were notable laggards as Praxair lost $3.25 to $110.77 and Exelon declined 46 cents to $29.99.
• NYSE Composite volume totaled over 3.5 billion shares. The NYSE was even on issues and 9-7 negative on volume. On the NASDAQ, decliners beat advancers by 7-5 on issues and by 9-8 on volume. Over in fixed-income, Treasuries were slightly higher as the 10-year note increased 4/32 to yield 1.83% and the 30-year bond rose 3/32 to yield 3.02%.

For the complete report, click Ken's Market Report.