The major indices rallied, but closed off their session highs in the first day of May. Ken Meyers has the latest on what's happening on Wall Street in Tuesday's Acadiana Business Index.

 

 

 

  • The Dow Jones Industrial Average touched its highest level since December of 2007, adding on 65 points to 13279. The S&P 500 Index was higher by 7 points to 1405 and the Nasdaq gained 4 points to 3050.
  • Manufacturing data prompted a return to risk assets. U.S. manufacturing grew in April at its fastest pace in almost a year, buoyed by a pickup in orders as the ISM factory index exceeded economists’ forecasts, climbing to 54.8.
  • All sectors in the S&P 500 saw green screens with gains led by financials, energy and technology.
  • In turn, JPMorgan Chase gained 81 cents to $43.79, Exxon Mobil climbed 70 cents to $87.04 and Intel added on 56 cents to $28.95. Sears Holdings also garnered attention as it led gainers on the benchmark index with a $8.31 advance to $62.08, thanks to a higher than expected first-quarter profit forecast.
  • In addition, first-quarter season continues after the bell tonight with notable tallies due out from Broadcom, Chesapeake and Motorola Mobility.

For a complete report on what happened today on Wall Street, click Ken's Market Report.