The Dow Jones Industrial Average ekes out its 10th record close this year
The U.S. stock market picked up steam in late trading on Tuesday and finished the session marginally higher but in a mixed mode on Tuesday, 10 June 2014. The broader market slumped out of the gate, but spent the remainder of the session in a steady climb back to unchanged mark. The Dow Jones Industrial Average eked out its 10th record close this year. The S&P 500 finished near record levels, after trading in a narrow range amid lower-than-usual volumes.
The Dow Jones Industrial Average added 2.82 points to 16,945.92. The Nasdaq Composite ended the day up 1.75 points at 4,338.00. The S&P 500 closed less than a point lower at 1,950.80.
Eight out of ten sectors ended in teh red led by consumer discretionary, financial and energys ectors. Technology and materials sectors were the only ones to end in the green.
In the tech sector, shares of eBay dropped 2.7% after the online marketplace said late Monday that its PayPal chief is leaving the company to join Facebook . Facebook shares climbed 4.6%. Apple rose 0.6%, building on a 1.6% gain from Monday, when the stock started trading following a 7-for-1 split.
Economic data was limited at Wall Street on Tuesday. Wholesale inventories increased 1.1% in April on top of a 1.1% increase in March. The April growth figure was well above the consensus estimate of +0.3%. Wholesale sales jumped 1.3% on the back of a 1.6% increase in March. The inventory-to-sales ratio held steady in April from a downwardly revised 1.18 reading for March (from 1.19). Durable inventories increased a solid 0.9% after increasing 0.7% in March. Inventory increases were logged in all durable categories with the exception of miscellaneous durables, which declined 0.1%. Nondurable inventories rose 1.4% after increasing 1.6% in March. That growth was driven by a 2.6% increase in drug inventories and a 1.5% increase in grocery inventories.
Separately, the Job Openings and Labor Turnover Survey for April indicated job openings increased to 4.455 million from 4.166 million.
Precious metals traded higher on Tuesday, 10 June 2014. Prices moved up today despite a stronger dollar index. Gold futures climbed on Tuesday to settle back above $1,260 an ounce for the first time in two weeks, finding support from some weakness in U.S. equities as traders awaited economic data later in the week.
Gold for August delivery rose $6.20, or 0.5%, to settle at $1,260.10 an ounce on the Comex division of the New York Mercantile Exchange, extending Monday's modest gain. July silver rose 10 cents, or 0.5%, to end at $19.17 an ounce.
Crude oil futures settled slightly lower on Tuesday, 10 June 2014 pulling back from a three-month high as traders looked ahead to the week's updates on petroleum inventories and a meeting of the Organization of the Petroleum Exporting Countries. Traders remained optimistic that recent strength in global economic data signals a coming boost for energy demand.
Crude oil for July delivery fell 6 cents, or 0.1%, to settle at $104.35 a barrel on the New York Mercantile Exchange, after tapping a high of $105.06.
In a monthly report, the U.S. Energy Information Administration raised its 2014 forecasts for West Texas Intermediate and Brent crude prices. The government agency said it expects WTI prices to average $98.67 a barrel this year. It previously forecast a 2014 average of $96.59. The EIA also said it expects Brent crude to average $107.82 a barrel this year, compared with a previous forecast for $106.26.
Indian ADRs ended mixed on Tuesday. In the banking space, ICICI Bank declined 0.56% at $51.95 and HDFC Bank shed 0.34% at $47.27 per ADR. In the IT space, Infosys gained 0.67% at $52.30 and Wipro was up 0.18% at $11.38 In other sectors, Tata Motors slipped 0.65% at $39.65 and Dr Reddy's Laboratories rose 1.56% at $40.36.
Participation remained well below average with just 545 million shares changing hands at the NYSE.
Tomorrow, the weekly MBA Mortgage index will be released at 7:00 ET and the Treasury Budget for May will cross the wires at 14:00 ET.
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