The U.S. stock market rose on Monday to start the week.
The lone domestic economic report was existing home sales,
which edged down and missed consensus estimates. Investors will
primarily be focused on corporate earnings reports this week
after the S&P 500 recorded its largest loss of the year last
The market was led by the Nasdaq Composite on Monday, while
the Dow Jones Industrial only recorded a very small gain.
The Dow Jones Industrial Average rose a little less than 20
points, or 0.14 percent, to 14,567.
The S&P 500 added a little better than 7 points, or 0.47
percent, to just above 1,562.
The Nasdaq Composite climbed more than 27 points, or 0.86
percent, to 3,234.
Existing Home Sales
Existing home sales fell 0.6 percent from 4.95 million in
February to 4.92 million in March. This represented a gain of
10.3 percent on a year over year basis and compared to consensus
estimates of 5.01 million.
Crude oil rose along with stock to start the week on Monday.
NYMEX crude futures were trading up around 0.85 percent near the
closing bell. Brent futures had added 0.91 percent and were last
trading at $100.49. Natural gas fell more than 3 percent to $4.27
Precious metals jumped on the session. At last check, COMEX
gold futures were up a little better than 2 percent to $1,426.80
while silver was around 1.65 percent to $23.40. Near the close,
copper was down 0.50 percent.
Grains were mostly lower to start the week. Corn was last down
1.50 percent while wheat lost around 1.25 percent. In the soft
commodity complex, movers included cocoa, which was down 1
percent, and orange juice futures, which had lost around 2.50
Near the close of equities, the iShares Barclays 20+ Year
Treasury Bond ETF (NYSE:
) was trading near the flat-line. Bond yields were lower on the
day with the exception of the 2-Year Note, which was flat at 0.23
The 5-Year Note was down two basis points to 0.69 percent.
Both the 10-Year Note yield and the 30-Year Bond yield were
trading down one basis point to 1.69 percent and 2.88 percent,
The U.S. dollar was trading slightly lower late on Monday. The
PowerShares DB US Dollar Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, had lost 0.07 percent to $22.49.
The closely watched EUR/USD pair was last trading down 0.02
percent to $1.3059. Most other currencies were trading close to
unchanged on the day with the biggest mover being the GBP/USD,
which was up 0.31 percent.
Volatility and Volume
The VIX fell around 4 percent on Monday. At last check, the
closely watched barometer of market fear was trading at
Volume was very light on the session. Only around 89.5 million
SPDR S&P 500 ETF (NYSE:
) shares traded hands during the session compared to a 3-month
daily average of 129 million.
Shares of Biogen Idec (NASDAQ:
) rose better than 6 percent after the company's multiple
sclerosis drug Tecfidera recorded a strong second week of
) was trading up around 6 percent near the close after the
company released its fiscal first-quarter earnings results, being
analysts' consensus estimates.
) shares rose around 3 percent on the day after releasing its
fiscal first-quarter earnings despite cutting its full-year
) was last up around 7 percent after the company's board of
directors approved a tender offer to buy back up to $100 million
of its stock at a premium.
) was trading up around 7 percent near the closing bell. The
company is set to release its quarterly earnings results after
the closing bell. After market, shares are up 18.75 percent.
Six Flags (NYSE:
) had rallied almost 8 percent after releasing its fiscal
first-quarter earnings results.
Retailer Lululemon Athletica (NASDAQ:
) had risen better than 8 percent on the session. Hedge fund
investor Stephen Mandel's Lone Pine Capital recently filed a 13G
showing that the firm had a roughly 5 percent position in the
Meredith Corporation (NYSE:
) was trading up around 4 percent on the day after Deutsche Bank
raised its price target and expectations for the company's
third-quarter earnings results.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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