US: US Markets Closed Mixed, Dow Eke Out Gains on Healthy Factory Data
Markets followed a varied trend, Dow rose slightly while S&P 500 and NASDAQ Composite Index ended red, as investors sell energy and material stocks and headed for the shelter of bonds and telecommunications corporations.
The investors were also concerned about the fluctuations in the price of the dollar versus its major counterparts. They took optimism in a surprise increase in factory orders, which rose for the fifth straight month in March following the previous month’s numbers, were modified stridently upward.
Meanwhile, capital expenditures by business entities were also ended on high note as producers sold to overseas markets due to weakness in the dollar.
The Dow Jones Industrial Average advanced just by +0.15 or by 0.00% to end the trading at 12,807.51. The index ranged between 12,749.99 (session’s low) and 12,840.66 (session’s high).The volume for the last session remained 191.47 million shares where as it begun at the level of 12,806.38.
Pfizer Inc. (NYSE:PFE) shares experienced the biggest fall on the Dow Jones, declining 2.80% following the pharmaceutical giant topped earnings expectations but revenue fell short of analysts estimates.
The Standard & Poor’s 500 Index lost its position and gave away 0.34% or -4.60 to 1,356.62, significantly above than the key resistance level of 1,333. The benchmark index earlier moved as high as 1,360.84 however, failed to continue its positive trend.
Index indicated a positive monthly performance of +1.82% or +24.21 points which for the year maintained a green trend with +14.32% or +169.94 points. Among key S&P sectors, energy and materials fell, whereas telecom posted gains.
Energy stocks also affected the market after crude oil tumbled 2.20% to $111.05 a barrel. Chevron Corp. (CVX) shares slumped 1.90% while Exxon Mobil (XOM) slipped 1.60%.
General Motors (GM) increased 2.50% following the firm’s US auto sales got better in April on upbeat demand for its traveler cars because buyers reported to shift to more fuel efficient vehicles. Ford Motor (F) shares peered loses by 0.50% after the reputed automaker posted decline in light vehicle sales by 16.00%.
Meanwhile, Nissan dropped merely following the Japanese automobile manufacturer stated that its sales on a rise 12.70% in the month of April from a year ago quarter. On the other hand Toyota (TM) shares sunk following a slump in sales declined 2.40%, less than expected in April from a prior year.
The NASDAQ Composite slid 0.78% or +22.46 points to settle at 2,841.62, the volume of traded shares remained 2.16 billion while it initiated the session at 2859.30.
Pushing the market slightly up were telecommunications stocks, as MetroPCS Communications (PCS) first quarter earnings posted two fold increase, attributed to the highest customer additions at the prepaid wireless provider.
Alcoa, Inc. shares climbed 2.60% on buzz that Rio Tinto (RIO) could make a proposal for the aluminum producer. However, both companies refused to comment. Similarly, Mastercard (MA) added 2.60% due to improved first quarter profit, beating analysts’ expectations, while revenue generation was also on the higher side.
Leading the market, Sino Clean Energy Inc (SCEI) surged 33.70% while it followed by the BioScrip (BIOS), Merge Healthcare (MRGE), Cognex (CGNX), Herbalife (HLF) and Kulicke & Soffa Industries (KLIC).
BioScrip soared 31.64% to close the session’s trading at $5.95 while its volume reached 4.14 million shares.
Among high volume stocks SIRIUS XM Radio (SIRI) was at the second place with 243.21million shares, while its market capitalization reached $8.16 billion.
Crude oil dipped 0.08% or -0.09 points to reach at $110.96 with intraday trading range of $110.23 – $113.45. London Brent crude trading at over than $122.00 a barrel.
At New York Mercantile, gold remained some what flat and it settled $1,540.10 per ounce.
