Main benchmarks close at record levels for the fourth straight session
U.S. stocks finished a thinly-traded day with modest gains on Monday, 10 November 2014 that nonetheless sent the main benchmarks to close at record levels for the fourth straight session. Equity indices began the trading near their flat lines after the overnight session did little to change investor sentiment. Commodity prices took center stage, with both gold and oil futures dropping sharply on Monday.
The Dow Jones Industrial Average also reached a record level, adding 39.81 points, or 0.2%, to 17,613.74. The Nasdaq Composite rose 19.08 points, or 0.4%, to 4,651.62. The S&P 500 closed at a new record high, adding 6.34 points, or 0.3%, higher at 2,038.26.
Industrials and financials sectors finished ahead of the market while consumer discretionary and energy spent the bulk of the session in the red.
Dow component Merck lost 0.9% after reporting disappointing trail data, but that had little impact on the sector. Dean Foods surged 13.7% after beating bottom-line estimates and guiding Q4 earnings above consensus.
The U.S. Dollar Index which serves as a measure of the U.S. currency against a basket of six rivals, also climbed to 87.73. The two key outside markets started out the trading week early Monday with the U.S. dollar index lower and crude oil prices higher. However, by midday both of those markets had reversed their courses (dollar index higher and crude lower) to add to selling interest in the precious metals markets. The dollar index hit a four-year high last week, while crude oil prices hit a three-year low last week.
General Motors shares fell 1.5% after The Wall Street Journal reported the auto maker ordered a half-million replacement ignition switches to fix Chevrolet Cobalts and other small cars nearly two months before it let federal safety regulators know there was a problem.
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In overnight news, China's consumer inflation rate held steady, at up 1.6% year-on-year, in October, it was reported on Monday. The figure was in line with expectations.
U.S. economic data released Monday was light and included the employment trends index. The U.S. Veterans Day holiday on Tuesday may make for a quieter trading day.
Bullion prices ended the U.S. day session lower on Monday, 10 November 2014 at Comex giving back about half of Friday's decent gains. Gold reversed earlier gains to drop on Monday, as U.S. stocks traded higher and the greenback stabilized against rivals. Gold for December delivery slid $10, or 0.9%, to settle at $1,159.80 an ounce. December silver fell 4 cents to $15.67 an ounce. Some traders speculate that the precious yellow metal could fall below $1,000 an ounce.
Crude prices slipped on Monday, 10 November 2014 at Nymex. An earlier rally for oil futures fizzled on Monday as OPEC, signaled, yet again, that it would not cut production to boost prices. Oil had gotten a boost earlier in the session from news of renewed fighting in the Ukraine-Russia conflict and positive Chinese economic data.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in December fell 96 cents, or 1.2%, to trade at $77.71 a barrel. Prices had traded as high as $79.85 a barrel earlier.
Participation was in-line with long-term averages as 700 million shares changed hands at the NYSE floor.
Investors did not receive any economic data of note and tomorrow's session will also be quiet on the economic front. Also of note, the bond market will be closed for Veterans Day.
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