U.S. Weekly Jobless Claims Top Projections – Acadiana Business Index
- The Dow Jones added 46 points to 12,461 after being up as many as 140 points in early trading. The S&P 500 gave up less than a point to end at 1315 and the NASDAQ closed 14 points lower at 2831. Composite volume on the NYSE was 3.9 billion shares with declining issues besting advancers 7-6. The NASDAQ was 7-5 negative on issues.
- Stocks rallied in the opening hours after an unexpected rate cut in China and after U.S. weekly jobless claims topped projections.
- Despite early strength, equities moved lower into the close after Ben Bernanke’s testimony gave no hint of further easing from the Fed.
- Industrial stocks posted the largest gains as China’s Central Bank action boosted optimism on global growth. Shares of United Technologies gained $1.79 to $75.43 and Caterpillar added 48 cents to $87.14.
- Financials turned negative in the closing hour of trading. Bank of America fell 22 cents to $7.42 and Morgan Stanley shed 52 cents to $13.42. On the earnings front, shares of Lululemon gave up $6.18 to $63.84 after the company forecasted its second quarter earnings below analysts’ estimates.
- In bondland, Treasuries were mixed along the curve with the 10-year note up 7 ticks to yield 1.64% and the 30-year bond down 3 ticks to yield 2.75%.
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