Stocks End Higher; All Three Major Indexes Finish at Session Highs
Stocks rose sharply in trading today, with all three major indexes finishing the day at session highs. Stocks rose after German Chancellor Angela Merkel backed the European Central Bank’s (ECB) plans to contain the NASDAQ: CSCO).
The Dow Jones ended the day 0.65% higher at 13,250.11, the S&P 500 ended the day 0.71% higher at 1,415.51, and the Nasdaq ended the day 1.04% higher at 3,062.39.
Consumer Cyclical sector led the gains in the S&P 500 in trading today, ending the day 1.79% higher. Basic Materials and Industrials also surged. Both sectors ended 1.46% higher. Technology sector rose 1.34%, led by Cisco Systems. Energy sector ended the day 0.89% higher, while Financials ended 0.86% higher. Healthcare was the only sector in the S&P 500 to end the day in red, finishing the day 0.20% lower.
Stocks got off to a weak start earlier today as investors digested latest set of economic data. A report from the Labor Department showed that initial jobless claims rose to 366,000 last week, in-line with expectations. A report from the Commerce Department, meanwhile, showed that housing starts fell unexpectedly last month to a seasonally adjusted annual rate of 746,000. A report from the Philadelphia Fed showed that factory activity in the mid-Atlantic area contracted in August.
However, the mixed economic data was overshadowed by strong earnings reports from Cisco. The technology bellwether reported better than expected earnings and also raised its dividend by 75%. CSCO shares ended 9.51% higher at $19.
Stocks also gained after the German Chancellor reiterated her support for ECB’s plan to stem the euro zone debt crisis. Merkel’s comments also pushed European markets higher today, with the EURO STOXX 50 Index ending the day 1.08% higher. Earlier, Asian markets ended on a mixed note.
Facebook Inc. (NASDAQ: FB) shares fell sharply as the company’s first lock-up period ended, enabling some insiders to sell their shares. Following the expiration of the first lock-up period, some 271 million addition FB shares are now available for sale. As expected, FB shares tumbled, falling to a new all-time low of $19.69. The stock ended 6.23% lower at $19.88.
Other major movers in trading today included Wal-Mart Stores Inc. (NYSE: WMT), which ended the day 3.09% lower at $72.15, Sears Holdings Corporation (NASDAQ: SHLD), which ended the day 6.52% higher at $60.29, and SINA Corporation (NASDAQ: SINA), which ended the day 10.39% higher at $56.19.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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