Week Ends Positive Despite Friday’s Struggles – Acadiana Business Index
- The Dow Jones Industrial Average fell 114 points to 14,909, the S&P 500 was off nearly 7 points to 1606 and the NASDAQ rose over a point to close at 3403. For the week, the Dow was up 0.7%, the S&P 500 advanced 0.8% and the NASDAQ gained 1.4%.
- The major averages recovered from their early morning lows following more regional Fed comments that supported the continuation of current policies.
- Six of the 10 sectors finished lower led by declines in financial stocks. Shares of Bank of America gave up 1.1% to $12.86. On the earnings front, disappointing results from Blackberry sent the stock lower by 27.7% to $10.46.
- Composite volume on the NYSE was 3.7 billion shares. Issues on both the NYSE and NASDAQ were even.
- Turning to fixed income, Treasuries ended mixed. The benchmark 10-year note fell 7/32 to yield 2.49% and the 30-bond rose over 1/2 of a point to yield 3.50%.
- Thanks to this week’s rebound, the major averages pared their monthly losses. The Dow lost 1.4% and both the S&P 500 and NASDAQ gave up 1.5%. The monthly retreat didn’t hold back equities in the second quarter with the Dow advancing 2.3%, the S&P 500 rising 2.4% and the NASDAQ gaining 4.2%.
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