April 8, 2014 -- 4:15 p.m. - 04/08/14
The major averages snapped a three-day slump on Tuesday. The Dow gained 10 points to 16256. The S&P 500 edged back into positive territory for the year as it increased more than 6 points to close at 1851. The NASDAQ rose 33 points to 4112 after posting its worst three-day decline since 2011.
Stocks advanced as technology shares staged a rebound. Googles class A shares jumped 3.1% to $557.53, Oracle rose 2.1% to $40.31 and Facebook increased 2.1% to $58.14. The utilities and energy sectors also helped lift the market. Shares of NextEra Energy were up 2.8% to $96.50. Exxon Mobil closed at $96.50 as it rose 0.8%. On the downside, the health care group fell as biotechnology stocks extended their recent losing streak. Gilead Sciences lost 3% to $70.09 and Biogen fell 2.4% to $287.17. Telecommunications also finished lower, led by AT&Ts 0.8% retreat to $35.22.
Overall, todays gains came before the start of first-quarter earnings season which kicks off after the close tonight. Consensus estimates are for S&P 500 profits to grow 1% for the three-month period, according to Bloomberg data.
NYSE Composite volume totaled more than 3.6 billion shares. On the NYSE, advancers beat decliners by 2-1 on issues and on volume. The NASDAQ was also 2-1 positive on issues and on volume.
Treasury prices advanced for a fourth day after a government auction of three-notes attracted better-than-average demand. The 10-year note gained 6/32 to yield 2.68%. The 30-year bond rose 10/32 to yield 3.54%.
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.