All ten sectors end in the green led by energy and telecom sectors
U.S. stocks settled with modest gains on Monday, 04 November 2013 as investors took a cue from upbeat earnings and shook off fears the market is overdue for a correction. Relative strength came after the small cap index struggled to keep pace with the last week's advance in the broader market. Outside of the notable outperformance among small caps, today's session unfolded in an uneventful fashion. Overseas markets did little to upset the state of affairs as Japan's Nikkei was closed for Culture Day while China's Shanghai Composite ended flat.
The Dow Jones Industrial Average shook off earlier weakness to advance 23.57 points, or 0.2%, to 15,639.12. The Nasdaq Composite gained 14.55 points, or 0.4%, to 3,936.59. The S&P 500 rose 6.29 points, or 0.4%, to close at 1,767.93.
All ten sectors ended in the green led by energy and telecom sectors.
Among major Dow components, shares of Visa ended down 1.4%, and Du Pont ended down 1.3%. Fellow Dow component Johnson & Johnson fell 0.4% after the company said it would pay around $2 billion to settle a Justice Department probe into the marketing of antipsychotic drug Riperdal.
Exxon Mobil was the Dow's top gainer, advancing 2.5% and tracking gains in the energy sector.
Elsewhere, shares of BlackBerry fell more than 16% on news the ailing smartphone maker has abandoned a plan to sell itself. BlackBerry said it would replace Chief Executive Thorsten Heins and receive a $1 billion investment from institutional investors.
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Treasuries held modest gains throughout the session as the 10-yr yield shed two basis points to 2.60%.
Trading volume was well below average as less than 600 million shares changed hands on the floor of the New York Stock Exchange.
Due to the partial government shutdown, the Census Bureau released the factory orders reports for August and September at the same time today. Orders increased 1.7% in September after declining 0.1% in August. July factory orders were revised down from -2.4% to -2.8%. The consensus expected factory orders to increase 1.8% in September and 0.3% in August.
That followed data on the non-manufacturing purchasing managers' index for China, among the world's biggest gold buyers. The index showed a rise to 56.3 in October the highest reading in 14 months.
The dollar index, which weighs the strength of the dollar against a basket of six other currencies, fell by 0.2% on Monday. The index gained 2% last week.
Bullion prices ended mixed on Monday, 04 November 2013 at Comex. Gold prices settled higher on Monday on the back of a weaker U.S. dollar and after St. Louis Fed President James Bullard said the central bank wasn't in a rush to taper its bond purchases. Gold prices bounced off a two-week low to score their first gain in three sessions.
Gold for December delivery rose $1.50, or 0.1%, to settle at $1,314.70 an ounce on the Comex division of the New York Mercantile Exchange. December silver fell 14 cents, or 0.6%, to $21.70 an ounce.
Crude-oil futures finished almost flat on Monday, 04 November 2013 at Nymex. prices held ground above $94 a barrel as signs of growth in China's services sector in October and a jump in September U.S. factory orders lifted prospects for energy demand. Traders also kept the glut of U.S. supplies in mind.
December crude tacked on a penny to settle at $94.62 a barrel on the New York Mercantile Exchange after touching highs above $95 and lows near $94. Oil prices on Nymex seesawed between minor losses and gains before settling roughly unchanged as traders weighed ongoing worries about ample U.S. supplies against some hints of stronger energy demand.
Tomorrow, the October ISM Services report will be released at 10:00 ET.
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