The Dow Jones Industrial Average gained 0.92% to end at 11,980.52. The S&P 500 was up 0.58%, or 7.49 points, to close at 1,290.84 and, the tech-laden Nasdaq Composite Index rose 1.04% to 2,717.55. On the New York Stock Exchange, breadth of the market was on the positive side as for every 2,114 stocks that rose, 882 stocks ended in the red. Volumes were on the lighter side with only 7.02 billion shares traded, the lowest level recorded this year.
Coming to the economic front, there were no releases on Monday that could have swayed the markets. However, the Treasury Department announced its plans to sell 465 million warrants in a order to purchase Citigroup shares, a move aimed at ending its $45 billion investment in Citigroup. A report from the National Association of Business Economics had helped natural resources and materials companies share prices rise after the report showed economists are more optimistic in their outlook about the job market and the economy. Consumer Confidence is later lined up for the day.
Coming to earnings news, American Express (NYSE:AXP - Analyst Report) announced earning reports after market hours. The company posted earnings of 94 cents on revenues of $7.32 billion slightly missing the Street’s estimates. Share prices of bio-tech giant Amgen (NASDAQ:AMGN - Analyst Report) fell 0.50% after the company reported their earning figures which slightly missed the Street’s expectations. Shares of Halliburton (NYSE:HAL - Analyst Report) rose by 0.92% after the company reported better than expected earnings results. Mc Donald’s (NYSE:MCD - Analyst Report) earnings figures was at par with expectations. Share prices of Mc Donald’s rose 0.5%. Share prices of Texas Instruments (NYSE:TXN - Analyst Report) fell 2.2% although the company posted better than expected results.
On a sectoral basis, tech and natural resources stocks were the primary gainers in Monday’s trade as chip maker Intel (NASDAQ:INTC - Analyst Report) raised its dividend by 15% and announced it was buying back shares worth $10 billion as a move to reward investors. Shares of Intel Corp (NASDAQ:INTC - Analyst Report) gained 2% after this development. Share prices of Nvidia Corp (NASDAQ:NVDA - Analyst Report) rocketed up 11.4% to end at $24.76 after Barron’s reported significant increase in the price of the stock, that could well be doubled in this year. Alcoa Inc’s (NYSE:AA - Analyst Report) share prices increased 4%, after the company’s chief executive reported continued increased demand for aluminum in 2011. Share prices of Vulcan Materials Co. (NYSE:VMC - Analyst Report) and Sealed Air Corp (NYSE:SEE - Analyst Report) both increased by more than 3% respectively. For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment