U.S. stocks close at highest in three months Trea
Post# of 102933
U.S. stocks close at highest in three months
Treasury prices rise along with equities
NEW YORK (MarketWatch) — U.S. stocks rose Monday, ending at their highest in three months, as better-than-anticipated corporate earnings and diminished concern about Europe’s debt troubles heartened sentiment.
http://www.marketwatch.com/story/us-stocks-ex...beforebell
The Dow Jones Industrial Average (DJI
JIA) rose 21.34 points, or 0.2%, to 13,117.51, its highest close since May 3. At its highs of the day, the Dow was up 91 points.
“Year-over-year earnings look okay,” said Paul Nolte, managing director at Dearborn Partners. “You have companies managing costs and the expense side of business very closely,” he said.
And, “we’re still expecting Europe to take some action, so we’re getting a temporary boost,” said Nolte.
Some of the enthusiasm for stock buying, which extended last week’s gains, waned in the last hour of trading, however, with the major indexes closing off their intraday highs.
The S&P 500 index (SNC:SPX) ended up 3.24 points, or 0.2%, at 1,394.23, its highest since May 2 but off an intraday peak of 1,399.63. Materials and technology were the leading performers and utilities the worst among its 10 industry groups.
“We keep bumping up against 1,400 on the S&P 500, it seems to be a magnet,” said Nolte of the level last breached in May.
Among the index’s best performers, Best Buy Co. (NYSE:BBY) shares rallied 13% after founder and former chairman Richard Schulze offered to acquire the electronics retailer for as much as $8.8 billion. Read more about Best Buy.
Cognizant Technology Solutions Corp. (NASDAQ:CTSH) rose 11% after the provider of consulting and outsourcing services reported earnings and sales that topped estimates. Read more in tech stocks.
Regions Financial Corp. (NYSE:RF) gained 1% after Bank of America Corp. hiked its recommendation to buy from neutral.
Off the S&P 500, Knight Capital Group Inc. (NYSE:KCG) fell 24% to $3.07 after it agreed to sell convertible stock in exchange for a $400 million rescue, a deal that would dilute existing shareholders’ holdings. Read more in Financial Stocks.
The Nasdaq Composite (NASDAQ:COMP) rose 22.01 points, or 0.7%, to 2,989.91, its highest since May 3.
(0)
(0)