The U.S. stock market continued its near-term rally on Monday as
the major averages look to make back losses from two weeks ago.
The Dow came close to re-taking the 15,000 level on a closing
basis, but a late day sell-off sent the widely watched blue-chip
average out just below that mark. The leader on the day was the
Nasdaq, which registered a gain of just under one percent.
The greenback was slightly lower on the session while bonds
closed slightly higher.
The Dow rose around 65 points, or 0.44 percent, to 14,975.
The S&P 500 added almost 9 points, or 0.54 percent, to close
The Nasdaq rose 31 points, or 0.92 percent, to 3,434.
The ISM Index rose to 50.9 in June from 49.0 in May. This
compared to consensus expectations which expected the ISM Index to
rise to 50.5. For a more detailed look at the index's performance
in June check out this
Construction spending rose 0.5 percent in May compared to an
increase of 0.1 percent in April. This was in-line with consensus
The energy complex rose along with stocks on Monday. NYMEX crude
futures climbed 1.42 percent to $97.93 while Brent crude contracts
added 0.79 percent to $102.97. Natural gas rose 0.42 percent to
Precious metals also rose on Monday. COMEX gold futures jumped
2.29 percent to $1,251.70 while silver was last up 0.49 percent to
$19.57. Copper surged 3.24 percent to $3.1565 on Monday.
The grains complex was largely lower to start the week. Heading
into the closing bell, corn futures were down almost 2 percent
while wheat had lost 0.42 percent. Movers in soft commodities
included sugar and cotton. Sugar futures were last trading down
1.36 percent while cotton had risen a little less than 2
Bonds were slightly higher to start the trading week. Near the
close of equity trading, the iShares Barclays 20+ Year Treasury
Bond ETF (NYSE:
) was up 0.20 percent to $110.41.
At last check, yields were as follows: The 2-Year Note was
yielding 0.35 percent while the 5-Year yield was at 1.38 percent.
The 10-Year Note and 30-Year Bond were yielding 2.48 percent and
3.48 percent, respectively.
The U.S. Dollar was slightly lower on Monday. Heading into the
closing bell, the PowerShares DB US Dollar Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket of
foreign currencies, has lost 0.24 percent to $22.50.
The closely watched EUR/USD pair was last up 0.31 percent to
$1.3059. Other movers included the USD/JPY, which rose 0.54 percent
and the AUD/USD, which added 0.81 percent on the session.
Volatility and Volume
The VIX was lower late on Monday, but not my much. At last
check, the widely watched barometer of volatility expectations had
lost around 2 percent to 16.51.
Volume was lighter than usual on the day. Around 108 million
SPDR S&P 500 ETF (NYSE:
) shares traded hands compared to a 3-month daily average of 144
Onyx Pharmaceuticals (NASDAQ:
) jumped almost 51 percent after the company said that it had
rejected a bid which valued Onyx at a 38 percent premium to
Friday's closing price from Amgen. Onyx said that it is seeking
potential buyers in the wake of the unsolicited bid from Amgen.
Best Buy (NYSE:
) climbed almost 9 percent after Credit Suisse resumed coverage on
the stock with a Outperform rating. The firm also hiked its price
target by 25 percent to $40.
Acura Pharmaceuticals (NASDAQ:
) added better than 16 percent late on Monday after the company
said that Pfizer will expand commercialization of a pain drug that
uses Acura's tamper-resistant technology.
) had risen nearly 6 percent late on Monday after the company
raised its full-year revenue outlook.
) climbed better than 11 percent intra-day on Monday after a report
surfaced that the company could name a new CEO.
Steinway Musical Instruments (NYSE:
) rose around 16 percent on Monday after the company agreed to be
acquired by private equity firm Kohlberg & Co. in a $438
million cash deal.
) lost almost 13 percent on Monday after an administrative judge
overseeing patent-infringement claims against Nokia, Huawei
Technologies, and ZTE Corp. ruled that only one of the company's
patents had been infringed, but that the patent was invalid.
) fell around 20 percent after Phase III data showed that a
once-daily dose of the company's drug Arikace for pseudomonas
aeruginosa in cystic fibrosis patients was not inferior to a
twice-daily dosage of another drug. Investors, however, were hoping
that the treatment would show superiority to the alternative
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