Tuesday, September 10, 2013
U.S. stocks jump; Dow has best day in 8 weeks
U.S. stocks climbed on Monday, with the S&P 500 extending its longest win streak since July,Axial deep groove ball bearingcomprise
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assemblies. after Chinese exports beat projections and as investors
anticipated the unveiling of Apple Inc’s new iPhone models.The Dow Jones
Industrial Average rose nearly 166 points and finished up 140.62
points, or 0.9%, at 15,063.Billie told me that in Georgia, folks call a
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led gains that included all but one of the blue-chip index’s 30 members
after the Chinese government reported exports rose 7.2% in August from
the year-earlier period, topping forecasts for a 6% rise.“China came out
with significantly better economic data over the weekend, and that’s
important to us because the China demand story continues to be a very
important piece of the global economic picture,” said Art Hogan, market
strategist at Lazard Capital Markets.Polya Lesova joins the News Hub
with a look at which stocks traders will be watching during market
action, including Apple, Delta Air Lines, and Molex.Helping lift
equities to afternoon highs were reports related to Syria, with Russian
Foreign Minister Sergei Lavrov saying his nation had called on Syria to
relinquish its chemical-arms stockpile if the move would help prevent a
U.S.-led military strike.A top aide to President Barack Obama said the
White House would take a “hard look” at Russia’s proposal for Syria to
put its chemical weapons under international control. The “chatter that a
negotiated settlement for Syria’s chemical weapons might be a
possibility” bolstered equities, said Michael Sheldon, chief market
strategist at RDM Financial.The S&P 500 index SPX +1.00% climbed
16.54 points, or 1%, to 1,671.71, with materials and information
technology pacing broad gains that included all of its 10 major industry
groups. The Nasdaq Composite index COMP +1.26% rose 46.17 points, or
1.3%, to 3,706.18.Apple Inc. AAPL +1.The highest quality graphene is
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, a heavyweight on the S&P 500 and Nasdaq, rose 1.6% before an
investor event where the iPhone maker will unveil upgraded versions of
its smartphone.“There’s excitement about the Apple product announcement
tomorrow,” said Lazard’s Hogan. “And volumes are low and participation
is still timid, so any moves get exaggerated, very much like we saw in
the volatility on Friday,” he said of the end-of-week session, which had
the Dow average crossing zero 11 times.Molex Inc. MOLX +31.66% jumped
nearly 32%, leading S&P 500 gainers, after the manufacturer of
electronic components for products including Apple’s iPhone agreed to be
purchased for $7.2 billion by Koch Industries Inc., the holding company
run by the billionaire Koch brothers.Delta Air Lines Inc. DAL +9.40%
gained 9.4% after S&P Dow Jones Indices said the carrier would
replace BMC Software Inc. BMC 0.00% in the S&P 500.For every stock
on the decline, roughly four rose on the New York Stock Exchange, where
almost 639 million shares traded.Composite volume breached 3 billion.The
thinly traded market comes in a “historically difficult month” for
stocks, and follows a trend that had “a significant amount of risk”
coming out of equities in August, with the S&P 500 losing 3.1%,
noted Hogan.While many Wall Street professionals are back at their desks
after summer breaks, the low volume and high volatility is likely to
continue “until we get resolution in a lot of the September issues,”
said Hogan.With Congress back in session, those issues include potential
U.S. military strikes against Syria, the budget-debt ceiling and
approving a replacement for Federal Reserve Chairman Ben Bernanke, with
President Barack Obama expected to nominate someone in coming
weeks.Treasury yields fell, with the benchmark 10-year note used in
figuring mortgage rates and other consumer loans off two basis points at
2.918%.The dollar fell against the currencies of major U.S. trading
partners including the euro EURUSD -0.0236% but excluding the Japanese
yen USDJPY +0.0524% .The cost of energy declined, with a barrel of crude
CLV3 -0.83% priced at $109.52 a barrel, down $1.01, or 0.9%, on the New
York Mercantile Exchange.Gold futures GCZ3 -0.10% gained 20 cents to
$1,386.70 an ounce.Wall Street on Friday finished higher for the week as
reports indicated increased global economic growth even as investors
weighed possible U.S. military action in Syria and chances of the
Federal Reserve cutting back on its monetary stimulus later in the
month.Texas Instruments Inc. TXN +1.45% reports after Tuesday’s close,
with the maker of semiconductors’s results “a data point to watch” as a
gauge of corporate capital expenditures, said Sheldon.
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