Market Close - October 9, 2013 - 10/09/13
The major averages finished neartheir best levels of the session. The Dow Jones Industrial Average gained 26points to 14,802 after being down by as many as 57 points earlier. The S&P500 added just under a point to 1656 and the NASDAQ shed 17 points to finish at3677. Stocks recovered in the second half of trading as investors looked pastthe continuation of the government shutdown and lack of progress amonglawmakers to reach a deal on the debt limit. Most sectors on the S&Pfinished higher, led by gains in tech stocks. Shares of Hewlett-Packard were up8.9% to $22.60 after the companys CEO offered an optimistic revenue forecast.On the earnings front, Alcoa advanced 2% to $8.10 following their positiveprofit tally. On the downside, Yum! Brands fell 6.7% to $66.49 after thecompany posted weaker-than-expected quarterly results. On the M&Afront, Mens Warehouse rallied 27.8% to $45.03 despite rejecting a $2.3 billionbuyout offer from Jos. A. Banks on the grounds that the offer undervalued thecompany. Composite volume on the NYSE was over 3.5 billion shares. Issues onthe exchange were even. The NASDAQ was 4-3 negative on issues. Turning to fixedincome markets, Treasuries were lower along the curve. The benchmark 10-yearnote was down 1/4 of a point to yield 2.67% and the 30-year bond fell by over3/4 of a point to yield 3.74%.
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