US stocks ended with strong gains for the week that ended on 10 May, 2013. Indices gained between 1% to 2% for the week. Earning and economic reports from domestic and global places hit the wires during the week. Stocks surged on almost all the days of the week barring on Thursday, 09 May. Stocks rose once again on Friday, 10 May, the last trading day of the week and the indices struck another record close.
For the week, the Dow ended higher by 144.53 points (1%) at 15,118.5. Nasdaq ended higher by 57.95 points (1.7%) at 3,436.58. S&P 500 ended higher by 19.28 points (1.2%) at 1,633.7.
On Monday, the major averages ended on a mixed note as the S&P 500 rose 0.2% while the Dow Jones Industrial Average shed five points. With no economic news of note and two major foreign markets closed (Japan and the United Kingdom), investors reacted to quarterly earnings.
Tuesday saw equities settle with modest gains as the S&P 500 rose 0.5% to close at a new all-time high while the Dow notched its first close above 15,000. The energy sector charged out of the gate as EOG Resources displayed notable strength after beating on revenue. The growth-sensitive sector ended with a solid gain even as crude oil ended lower by 0.7% at $95.47.
On Wednesday, the S&P 500 settled higher by 0.4% to register its fifth consecutive gain. Cyclical sectors appeared weak during the opening minutes, but most economically-sensitive groups were able to rebound, and finish in the lead. The materials space displayed strength from the start as industrial metals traded higher after China reported a wider-than-expected trade surplus.
Thursday saw the S&P 500 register its first lower close of the week. The benchmark average sank to its lows amid afternoon speculation at changes to the Federal Reserve's quantitative easing program. Although equities fell after the rumors began making the rounds, the earlier gains were shaky at best as declining issues outpaced advancers.
On Friday, 10 May 2013, U.S. stocks rose on Friday as Wall Street racked up a third week of record-setting gains while considering global monetary easing and as finance ministers started a two-day meeting.
The Dow Jones Industrial Average added 35.87 points to 15,118.49, its highest close ever. Also finishing at an all-time high, the S&P 500 index added 7.03 points to 1,633.70, with health care the best performing and energy the worst performing among its 10 sectors. The Nasdaq Composite index rose 27.41 points to 3,436.58, with the index drawing a lift a day after Nvidia Corp and Priceline.com reported quarterly profits that beat estimates.
Friday's economic data at Wall Street was limited to the April Treasury Budget, which showed a surplus of $112.90 billion. This was better than the surplus of $112 billion expected by the consensus.
In the currency market on Friday, the dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.5%.
Crude-oil futures ended moderately lower on Friday, 10 May 2013 at Nymex. Prices recovered most of their Friday losses to score a modest gain for the week, but pressures from a stronger U.S. dollar and a weak demand outlook remained.
June crude oil extended Thursday's losses, falling to a session low of $93.37 per barrel as a stronger dollar pressured the commodities space. Crude oil for June delivery fell 35 cents, or 0.4%, to settle at $96.04 a barrel on the New York Mercantile Exchange on Friday. It recovered most of the session's steep losses a selloff which saw prices fall below $94. Friday's weakness brought the week's gains down to 0.4%.
As per latest report, OPEC said demand grew less than expected in the first quarter of the year. But the cartel left its overall forecast unchanged at a rise of 800,000 barrels a day. It remains of the opinion that consumption will increase in the second half of 2013.
Bullion metals ended lower at Comex on Friday, 10 May 2013. June gold extended losses as the stronger dollar continued to pressure prices. June silver also spent its entire floor session in negative territory. Continued decline in the gold holdings of exchange-traded funds pushed prices down by more than $30 an ounce for the session.
The yellow metal dipped to a pit session low of $1418.50 per ounce but pushed slightly higher in afternoon trade. Gold brushed a session high of $1437.90 per ounce moments before settling at $136.50 per ounce, and booked a 1.9% loss for the week. Silver traded near the $23.30 per ounce level in morning action and picked up momentum as it headed into the close. Silver touched a session high of $23.69 per ounce and settled lower by 25 cents, or 1.1% at $23.65 per ounce, bringing losses for the week to 1.5%.
For every five stocks that fell nine gained on the New York Stock Exchange, where 619 million shares traded. Composite volume approached 3 billion.
Indian ADRs ended mostly higher on Friday. In the IT space, Infosys was down 0.9% and Wipro was down 0.9%. In the Banking space, HDFC Bank was up 0.9% and ICICI Bank was unchanged. In the Telecom space, Tata Communication was up 5.2%. In other space, Tata Motors was up 1.4%, Dr Reddys was up 5.2% and Sterlite was up 0.7%.
For the year, the Dow, Nasdaq and S&P 500 are trading higher by 15.4%, 13.8% and 14.5% respectively. On Monday, April retail sales and retail sales ex-auto will be reported at 8:30 ET while March business inventories will be released at 10:00 ET.
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