U.S. Industrial Production Increases – Acadiana Business Index
- The Dow rose 127 points to 13551. The S&P 500 gained more than 14 points to close at 1454. The NASDAQ was 37 points higher at 3101. The major averages rallied for a second straight session amid positive economic and earnings releases.
- Stocks advanced after a report showed U.S. industrial production increased 0.4% in September.
- Shares of Johnson & Johnson gained 95 cents to $69.55 as the drug maker posted quarterly results that topped analyst projections. Goldman Sachs slipped $1.28 to $123.22 despite reporting earnings above analyst expectations. Citigroup added 59 cents to $37.25 after the bank’s CEO unexpectedly stepped down.
- Materials were the best performing group on today’s session.
- Dow Chemical was up $1.59 to $29.91 while Freeport McMoRan increased $1.18 to $41.47.
- The energy sector also outperformed with Murphy Oil climbing $4.74 to $63.74 after the company announced plans to spin-off its U.S refined fuel business.
- Apple was up $14.70 to $649.42 on speculation that it will introduce a smaller version of the iPad after announcing Tuesday it was hosting a special media event on October 23.
- Breadth was positive on issues by 3-1 on the NYSE and 19-5 on the NASDAQ. NYSE Composite volume totaled 3.5 billion shares.
- Treasuries retreated with the 10-year note declining 17/32 to yield 1.72%.
For the complete report, click Ken’s Market Report.