Closing Bell for Monday on Wall Street: Markets Hold On to Early Gains
The U.S. dollar index is trading up 0.08% today, now at 83.0540. The GSCI commodity index is up 0.5% at 644.63. WTI crude oil closed up 0.4% today, at $106.32 a barrel. Brent crude trades up 0.3% at $109.10 a barrel. Natural gas is up 0.9% today at about $3.68 per million BTUs. Gold for August delivery settled up 0.5% today at $1,283.50.
The unofficial closing bells put the DJIA up nearly 20 points to 15,484.26 (0.13%), the NASDAQ rose more than 7 points (0.21%) to 3,607.49, and the S&P 500 rose 0.14% or more than 2 points to 1,682.50.
There were a several analyst upgrades and downgrades today, including:
- United Parcel Service Inc. (NYSE: UPS) cut to ‘hold’ at BB&T;
- Newmont Mining Corp. (NYSE: NEM) cut to ‘market perform’ at BMO Capital Markets;
- NetApp Inc. (NASDAQ: NTAP) raised to ‘overweight’ at Morgan Stanely;
- Bank of New York Mellon Corp. (NYSE: BK) raised to ‘buy’ at Citigroup; and
- AngloGold Ashanti Ltd. (NYSE: AU) cut to ‘underperform’ at BMO Capital Markets.
Earnings reports since markets closed last Friday resulted in one price move today:
- Citigroup Inc. (NYSE: C) is up 2.1% at $51.86 after beating on profits and revenues.<>
Some standouts among heavily traded stocks today include:
Leap Wireless International Inc. (NASDAQ: LEAP) is up 114.3% at $17.10 after posting a new 52-week high of $17.25 earlier today. The wireless carrier is being acquired by AT&T Inc. (NYSE: T) for $15 a share. Investors clearly think the bidding will rise — and so do we.
LDK Solar Co. Ltd. (NYSE: LDK) is up 22.6% at $1.76. The Chinese solar panel maker is the biggest gainer among solar shares today, following a Chinese government announcement on new solar installations in the country and how the government will pick its solar industry winners.
Inteliquent Inc. (NASDAQ: IQNT) is up 40.4% at $8.55. The Internet services provider boosted its quarterly estimates this morning.
Stay tuned for Tuesday. Kansas City Fed President Elizabeth George is giving a speech. We have also noted the following events on the schedule (all times Eastern):
- 8:30 a.m. – Consumer price index
- 9:00 a.m. – Treasury International Capital (TIC) data
- 9:15 a.m. – Industrial production
- 10:00 a.m. – National Association of Home Builders housing market index
- 11:30 a.m. – 4-week bill auction