Stocks rallied today, sending the S&P 500 to a five-week high, after Lawrence Summers withdrew his bid to be Federal Reserve chairman and tensions over dealing with Syria’s chemical weapons eased. Investors have been closely watching data to determine the timing and pace of any reductions as the Fed kicks off its 2-day policy meeting tomorrow.
Growth in the New York manufacturing region is sluggish so far this month and the level of new orders points to slower activity ahead.
Industrial production came in at close to what was expected. The manufacturing component moved higher and was bolstered mostly by motor vehicles.
Market Indices/Statistics:
- Dow closed up 118.72 pts/+0.77% to 15,494.78; 4 of the 30 Dow stocks closed lower.
- S&P closed up 9.61 pts/+0.57% to 1,697.60; 1 of the S&P 500 sectors closed lower.
- Nasdaq closed down 4.33 pts/-0.12% to 3,717.85
- Industrials was the strongest sector (+5.04), Information Technology was the weakest (-1.63).
- The VIX is up 0.23 to 14.39
- Gold is up 0.1 to 1308.70
- Oil is down 1.53 to 104.43
- Nat Gas is up 0.055 to 3.810
- Euro vs. Dollar is up 0.0042 to $1.3334
- Yen vs. Dollar is down 0.19 to 99.14
Top Headlines:
Saks Incorporated (SKS, -0.06%) announced the planned exit of the Chairman and CEO and President & Chief Merchant after the closing of the merger with Bay Company.
CF Industries (CF, +3.53%) announced that Chairman/CEO Stephen Wilson will retire as CEO effective Jan. 1, 2014. Anthony Will, senior VP of manufacturing and distribution, will succeed Wilson.
Gap (GPS, +0.41%) returns to television advertising after four years.
Dunkin' Brands (DNKN, -0.09%) says it will add 17 locations in Texas as it continues to expand in the west.
Japan's only working nuclear reactor is going to be out of service for maintenance. The countrywill be without nuclear power for the third time in more than four decades.
Earnings After the Bell:
Cvent reports Q2 EPS 4c, vs. consensus 4c and reports Q2 revenue $26.9M, vs. consensus $26.77M.
Coming Tuesday
U.S. Economic Reports:
Consumer Price Index at 8:30a.m., consensus 0.2%, prior 0.2%
NAHB Housing at 10:00 a.m., consensus 59, prior 59
Earnings Tuesday:
Adobe Systems Inc. (Est. $0.34); Electromed Inc. (Est. $-0.05)
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Mary Ann Raimondi
Corporate Actions and Market Watch Specialist
NYSE Euronext
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