All ten sectors end higher led by energy sector
US stocks advanced on Monday, 30 March 2015 with the main indexes booking solid gains for the second straight session, driven by dovish comments from China's central-bank chief as well as a continued flurry of deal announcements. The key indices began the week on an upbeat note, aided by overnight news indicating China has loosened its lending requirements for purchases of second homes. In addition, Friday's dovish remarks from Fed Chair Janet Yellen, who said the Fed will move cautiously when raising rates, provided another measure of support.
All ten sectors ended the day with solid gains. Among the blue-chips, 28 of the 30 components ended with gains. Energy stocks were the biggest winner.
The Dow Jones Industrial Average finished up 263 points, or 1.5%, to 17,947.44. The Nasdaq Composite gained 56.22 points, or 1.2%, to 4,947.44. The S&P 500 closed 25.22 points, or 1.2%, to 2,086.24, with gains across the board.
Economic data at Wall Street included Personal Income/Spending data and Pending Home Sales. Personal income increased 0.4% in February after increasing an upwardly revised 0.4% (from 0.3%) in January while the consensus expected an increase of 0.3%. The increase was in-line with the 0.4% increase in aggregate earnings that was reported in the February employment report. Spending rose just 0.1% in February after declining 0.2% in January while the consensus expected an increase 0.2% Core PCE Prices rose 0.1%, as expected. Pending home sales for February rose 3.1% while the consensus expected an increase of 0.4%.
The technology sector caught up to the broader market during the final hour, but Intel weighed. The heavyweight lost 1.7%, retracing a portion of its 6.4% spike from Friday afternoon that occurred amid reports the company has approached Altera about a potential takeover.
Bullion prices ended lower at Comex on Mionday, 30 January 2015. Gold futures settled lower for a second session on Monday, as strength in the dollar and a rally in equities drew investors away from the precious metals market.
Gold for April delivery shed $15, or 1.3%, to settle at $1,184.80 an ounce on Comex. Prices for the metal fell on Friday following a seven-session streak of gains. During its climbing streak, gold tallied a total gain of 4.9% thanks to weakness in the stock market and uncertainty overseas. May silver lost 39.5 cents, or 2.3%, to $16.674 an ounce.
Oil futures fell on Monday, 30 March 2015 pressured by expectations that talks over Iran's nuclear program could result in an easing of sanctions against the crude exporter. Prices also headed lower as the turmoil in Yemen looked unlikely to disrupt oil transport in the region.
Crude for delivery in May fell 19 cents, or 0.4%, to close at $48.68 a barrel on the New York Mercantile Exchange. Investors were also worried that the Saudi strike on Iran-backed rebel groups in Yemen may jeopardize the talks over Iran's nuclear program, but those fears appear misplaced.
Today's participation was well below average with fewer than 660 million shares changing hands at the NYSE floor.
Tomorrow, the Case-Shiller 20-City Index for January will be released at 9:00 ET (consensus 4.6%) while March Chicago PMI (consensus 52.0) and March Consumer Confidence (expected 96.4) will be reported at 9:45 ET and 10:00 ET, respectively.
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