Apple shares rise 2.4% following Apple Watch and new MacBook display
U.S. stocks ended Monday's session modestly higher on 09 March 2015 but still below record levels set last week, as Wall Street marked the sixth anniversary of the bull market. Equity indices climbed out of the gate with cyclical sectors fueling the early advance. Meanwhile, countercyclical groups struggled early, but only the telecom services sector failed to turn positive by the closing bell.
The Dow Jones Industrial Average added 138.94 points, or 0.8%, to 17,995.72, with all but five of its 30 blue-chip members finishing higher. The Nasdaq Composite rose 15.07 points, or 0.3%, to 4,942. The S&P 500 gained 8.17 points, or 0.4% to 2,079.43, with industrials leading the gains.
Nine of ten sectors finished the day in the green with industrials settling in the lead. The sector benefitted from solid gains among large cap names like 3M, Boeing and Caterpillar with the three Dow components advancing between 0.9% and 1.2%.
Shares of Apple rose as much as 2.4% as the company unveiled its much-anticipated Apple Watch device as well as a new, thinner MacBook notebook computer. But gains fizzled out and shares finished only 0.4% higher. On Friday, investors learned that Apple will join the Dow Jones Industrial Average later this month.
The market place on Monday was still digesting Friday's stronger U.S. jobs report and its implications on U.S. monetary policy. Asian and European stock markets were mostly weaker in reaction to the U.S. jobs report on Friday, and the notions that report will prompt the Federal Reserve to raise interest rates sooner as early as June.
The U.S. jobs report Friday and the specter of a tighter U.S. monetary policy trumped the beginning of the European Central Bank's big bond-buying program Monday (quantitative easing).
European Union finance ministers met Monday to discuss whether to accept reform proposals from Greece, regarding its debt financing and repayment schedule. There were weekend reports that Greece's financial situation is worse than most expected. Those reports also prompted just a bit of safe-haven buying interest in gold.
The key outside markets on Monday found the U.S. dollar index stable following big gains Friday that saw the index score an 11.5-year high. The Euro currency was also near steady after hitting an 11-year low on Friday. Crude oil prices were modestly higher by afternoon trading on Monday.
U.S. economic data for released Monday was light and included the employment trends index, which had a negligible market impact.
It was mixed finish for bullions on Monday, 09 March 2015 at Comex. Greece's financial saga helped gold futures settle higher for the first time this month, with the precious metal benefiting on Monday from haven-related buying interest on renewed worries about Athens's ability to fund itself. Silver dropped.
Gold futures for April delivery on Comex rose $2.20, or 0.2%, to settle at $1,166.50 an ounce. Prices have suffered declines in each of the past five trading sessions, losing a total of 4% last week. May silver fell 3.1 cents, or 0.2%, to settle at $15.776 an ounce.
Crude-oil futures settled higher on Monday, 09 MArch 2015 at Nymex with prices finding footing at $50 a barrel after steep declines late last week due to a stronger dollar and rising U.S. oil supplies. Natural-gas prices, meanwhile, took a big hit with demand for the heating fuel expected to decline amid forecasts for warmer U.S. weather.
On the New York Mercantile Exchange, crude for delivery in April climbed 39 cents, or 0.8%, to settle at $50 a barrel after tallying a decline of 3.8% over the past two trading sessions.
Treasuries began climbing overnight and continued their rally during the session to send the 10-yr yield lower by five basis points to 2.20%.
Today's participation was relatively light with fewer than 750 million shares changing hands at the NYSE floor.
Tomorrow, the Job Openings and Labor Turnover Survey for January and the January Wholesale Inventories report (consensus -0.1%) will be released at 10:00 ET.
Powered by Capital Market - Live News
