Consumer discretionary, financials and technology sectors lead gains
US stock market kicked off the new trading week on an upbeat note. U.S. stocks rallied on Monday, 04 August 2014 and recouped some of the heavy losses from last week's rout. After a range-bound first half of the session, the indices spent the afternoon in a steady climb to new highs.
The Dow Jones Industrial Average added as much as 102 points during the session, before finishing the day 75.91 points, or 0.5%, higher at 16,569.28 and snapping a four-day losing streak. The Nasdaq Composite rose 31.25 points, or 0.7% to 4,383.89. The S&P 500 closed 13.8 points, or 0.7%, higher at 1,938.99, its first gain in three sessions.
Seven out of ten sectors ended higher led by consumer discretionary, financials and technology sectors.
Equity indices climbed out of the gate amid upbeat action in Europe where Portugal's Banco Espirito Santo received bailout funds over the weekend. While the actual need for a bailout was not a positive in itself, the news calmed some fears about the stability of the European banking system.
Large cap listings displayed broad strength with Google and Microsoft both adding near 1.3%, while Apple lagged. The largest tech stock shed 0.6%.
No major U.S. economic reports were released on Monday, but two are due out on Tuesday at 10 a.m. EDT. The market will get factory orders and the Institute for Supply Management's service-sector survey.
Treasuries registered modest gains with the 10-yr yield slipping one basis point to 2.49%.
Participation was a bit below average with 661 million shares changing hands at the NYSE.
Bullion prices declined on Monday, 04 August 2014 at Comex as the U.S. stock market rebounded from Friday's steep drop to lure away investors. Gold put an end to a three-day losing stretch on Friday after data showed the economy added fewer jobs than analysts had expected.
Gold for December delivery lost $5.90 to $1,288.90 an ounce on the Comex division of the New York Mercantile Exchange. September silver lost 3.8 cents to $20.333 an ounce.
Crude-oil futures rose on Monday, 04 August 2014 at Nymex recouping some of their steep losses last week and notching their largest one-day percentage increase in nearly two weeks.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in September ended at $98.29 a barrel, up 41 cents, or 0.4%. That broke a five-session losing streak.
Market expects a weekly government inventories report due Wednesday to show a drop of 1.9 million barrels of crude oil for the week ended 1 August 2014 boding well for futures prices.
Tomorrow, June Factory Orders (consensus 0.5%) and the ISM Services Index for July (consensus 56.5) will both be reported at 10:00 ET.
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