President Obama’s Positive Comments On Fiscal Cliff Leads To Positive Day On Wall Street

Markets rallied into the closing bell. Ken Meyers has your stock market report on the Acadiana Business Index.

The Dow Jones Industrial Average gained 207 points to end at 12,796, the S&P 500 added 27 points to 1387, and the NASDAQ advanced 63 points to 2916.
Stocks advanced from the opening bell as investors responded to positive comments from President Obama regarding the fiscal cliff.
Economic data also helped lift equities. October existing home sales unexpectedly rose 2.1% and the housing market index rose more than consensus projections.
Nine of the 10 sectors on the S&P ended higher, led by gains in tech stocks. Shares of Apple led the rally, gaining $38.05 to $565.73 per share after touching a nine-month low last week. Energy stocks also showed strength as crude oil rose $2.24 to $89.16 per barrel as tensions in the Middle East remain heightened. Exxon ended higher by $1.22 at $87.67 and Chevron by $1.95 to $104.35.
On the earnings front, Lowe’s advanced $1.98 to $33.96 after the company topped analysts’ expectations in the quarter.
Composite volume on the NYSE was 3.3 billion shares with advancing issues besting decliners by a margin of 7-1. The NASDAQ was 11-3 positive on issues.
Turning to fixed income, Treasuries ended lower with the benchmark 10-year note down 5/16 of a point to yield 1.61%.

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