All ten economic sectors end higher led by industrial sector
US stocks ended with strong gains at Wall Street on Tuesday, 10 September 2013. Stocks registered the bulk of their gains during the opening hour after upbeat economic data from China combined with Syria's agreement to put its chemical weapons under international control lured participants into equities.
The Dow Jones Industrial Average rose as many as 129 points, and ended at 15,191.06, up 127.94 points, or 0.9%. The Nasdaq ended at 3,729.022, up 22.84 points, or 0.6%. S&P 500 rose 12.28 points, or 0.7%, to 1,683.99.
Industrials led gains that included all of its 10 major industry groups.
Traders and investors are looking ahead to next week's meeting of the U.S. Federal Reserve's Open Market Committee (FOMC). A slight majority of the market place believes the U.S. central bank at next week's meeting will announce it will begin to scale back, or taper its monthly bond-buying program. For the past several weeks the market place has been fixated on what the U.S. central bank will announce at the conclusion of next week's FOMC meeting.
Apple lost 2.3% after its product refresh event was met with investor disappointment. The consumer-technology company unveiled its new flagship iPhone 5S, along with a less costly but colorful iPhone 5C.
On the economic front, it was reported Tuesday China's industrial output rose by 10.4% on an annual basis in August, which beat market expectations of a 9.9% gain. China's retail sales also beat forecasts and were up 13.4% in August, year on year. This adds to a string of generally upbeat economic data coming out of China and Asia. Such is an underlying bullish factor for the raw commodity sector.
Bullion metal prices ended substantially lower on Tuesday, 10 September 2013 at Comex. Gold prices ended the U.S. day session sharply lower and hit a fresh three-week low on Tuesday, pressured by safe-haven trades that were put on recently being unwound due to ideas a U.S. military strike against the Syrian regime is now less likely. Sharply lower crude oil prices Tuesday also lent selling pressure to gold and other raw commodity markets.
Gold for December delivery ended lower by $22.7 (1.6%) at $1,364 an ounce on the Comex division of the New York Mercantile Exchange on Tuesday. It was gold's lowest close in three weeks. December silver fell 70 cents, or 3%, to $23.02 an ounce on Comex on Tuesday.
Crude-oil prices ended lower on Tuesday, 10 September 2013 at Nymex. Oil futures finished lower pressured by safe-haven trades that were put on recently being unwound due to ideas a U.S. military strike against the Syrian regime is now less likely. Crude oil for October delivery fell $2.13, or 1.9%, to settle at $107.39 a barrel on the New York Mercantile Exchange.
For every share falling, nearly two gained on the New York Stock Exchange, where 773 million shares traded. Composite volume neared 3.6 billion.
Indian ADRs ended mixed on Tuesday. In the IT space, Infosys was up 3.9% and Wipro was down 2.5%. In the Banking space, HDFC Bank was up 2.5% and ICICI Bank was up 2.1%. In other space, Tata Motors was up 6% and Dr Reddys was down 0.5%.
Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET and July wholesale inventories will cross the wires at 10:00 ET.
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