The U.S. stock market closed out a volatile week of trading
with solid gains for the S&P 500 and the Nasdaq
The Dow closed the session up only 10 points, however, after
IBM plunged in the wake of a weak fiscal first-quarter earnings
report. Investors snapped up technology names after strong
results from bellwethers Google and Microsoft, which drove the
outperformance in the Nasdaq.
Despite the gains, it was the worst week for the S&P 500
since last November, with the index falling better than 2 percent
on concerns about global growth. Nevertheless, the week ended on
an upbeat note as the CBOE Volatility Index gave back a good
portion of its earlier gains on the back of investor confidence
that the recent pullback will be short lived.
The Dow Jones Industrial Average rose 10 points, or 0.07
percent, to just below 14,548.
The S&P 500 jumped almost 14 points, or 0.88 percent, to
The Nasdaq Composite rose 40 points, or 1.25 percent, to close
Energy prices closed out the week with small gains during
Friday's trading session. Near the close, NYMEX crude futures
were up 0.17 percent to $87.91. Brent crude contracts had added
0.28 percent and were last trading at $99.47. Natural gas rose
0.23 percent on the day to $4.41.
Precious metals were mixed on Friday with gold posting a
moderate loss and silver falling moderately. At last check, COMEX
gold futures were up 0.60 percent to $1,401.70 while silver had
lost 0.52 percent to $23.13. Copper futures had lost roughly 1.70
percent near the close of equities.
In the agricultural complex, corn rose 0.52 percent while
wheat had registered a gain of 0.67 percent at last check. Movers
in soft commodities included coffee which was up 1.70 percent and
sugar which added a little better than 1.50 percent.
Treasury prices were slightly lower on Friday. Heading into
the close, the iShares Barclays 20+ Year Treasury Bond ETF (NYSE:
) had fallen 0.27 percent to $122.76. The fall in prices pushed
The 2-Year Note yield was unchanged on Friday at 0.23 percent
while the 5-Year Note yield rose one basis point to 0.70 percent.
Both the 10-Year Note yield and the 30-Year Bond yield added two
basis points to 1.70 percent and 2.88 percent, respectively.
The U.S. dollar recorded a small gain to close out the week.
Near the close of equity trading, the PowerShares DB US Dollar
Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, was up 0.22 percent to $22.51.
The closely watched EUR/USD pair was last up 0.10 percent to
$1.3062. The greenback soared against the Japanese yen once again
on Friday with the USD/JPY climbing 1.46 percent. Movement in
other currency pairs was all under 0.40 percent on the day.
Volatility and Volume
Despite only a moderate gain for the U.S. stock market on
Friday, the CBOE Volatility Index plunged around 15 percent to
roughly 15 to end the week.
Volume was a little heavier than normal during the session.
Around 131 million SPDR S&P 500 ETF (NYSE:
) shares traded hands compared to a 3-month daily average of
Vertex Pharmaceuticals (NASDAQ:
) surged around 62 percent to end the week after the biotech
company announced positive mid-stage data for its combination of
VX-661 and its FDA-approved treatment Kalydeco for the treatment
of cystic fibrosis patients with a specific mutation.
) shares added better than 3 percent after the company released
its fiscal first-quarter earnings results on Thursday after the
) rose more than 4 percent on better than expected fiscal
first-quarter earnings results.
) plummeted more than 8 percent on Friday after the company
missed both Wall Street earnings and revenue expectations for its
Restoration Hardware (NYSE:
) jumped around 16 percent on the session after the company
announced better than expected fiscal fourth-quarter earnings
Celanese Corp. (NYSE:
) climbed a little less than 12 percent after the company
reported strong fiscal first-quarter earnings results.
Chipotle Mexican Grill (NYSE:
) traded up more than 11 percent on the day in the wake of
bullish first-quarter financial results.
Shares of Walter Energy (NYSE:
), which has been plunging over the last month, lost another 8
percent on Friday. The company is currently in a proxy fight with
institutional investor Audley Capital.
Acacia Research (NASDAQ:
) saw its stock price plunge more than 27 percent after reporting
a 22 percent drop in revenue and a 90 percent drop in net income
for its fiscal first-quarter.
Air Methods (NASDAQ:
) fell better than 13 percent during the session after delivering
a first-quarter profit warning.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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