The U.S. stock market was moderately higher on Monday as
investors reacted to comments from Federal Reserve vice chair
Janet Yellen, who argued the central bank needs to continue with
Currency markets were mostly quiet on the day with both the
euro and Japanese yen remaining relatively flat versus the
greenback. Volume was light as it was a quiet start to the
The Dow Jones Industrial Average rose around 38 points, or
0.27 percent, to 14,128.
The S&P 500 added 7 points, or 0.46 percent, to 1,525.
The Nasdaq Composite gained 12 points, or 0.39 percent, to
Crude oil traded lower on Monday despite a higher stock
market. In afternoon trade, NYMEX crude futures had fallen 0.77
percent to $89.97. Brent crude contracts lost 0.34 percent to
$110.00. Natural gas, however, climbed on the day, adding better
than 2 percent to $3.53.
Precious metals were close to unchanged on Monday afternoon.
COMEX gold futures had lost around 0.04 percent while silver was
up by 0.16 percent to $28.54.
In the agricultural complex, corn lost around 0.74 percent
while wheat fell 2.50 percent. Most of the other grains traded
higher on the day. Significant movers in soft commodities
included coffee, which rose 2.30 percent, and orange juice
concentrate, which was up 2.50 percent.
Late in the equity trading session, the iShares Barclays 20+
Year Treasury Bond ETF (NYSE:
) was down 0.46 percent to $118.34. Yields rose on the day.
The 2-Year Note yield was unchanged at 0.23 percent, but the
5-Year Note yield rose two basis points to 0.76 percent. The
yield on the 10-Year Note and 30-Year Bond added three basis
points to 1.88 percent and 3.09 percent, respectively.
The U.S. dollar was largely unchanged on the session. The
PowerShares DB US Dollar Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, was trading down 0.04 percent late in the
The closely watched EUR/USD pair was up 0.04 percent to
$1.3023 while the USD/JPY lost 0.18 percent. The British Pound
rose 0.63 percent against the greenback on the session.
Volatility and Volume
The VIX fell sharply on Monday as investors' expectations for
volatility plunged despite only a small market rally. The VIX
closed down around 7 percent to 14.28.
Volume was light as only 81 million SPDR S&P 500 ETF
) shares traded hands compared to a 3-month daily average of 135
) jumped more than 22 percent on Monday after a New York state
judge dismissed a lawsuit brought by banks contesting its 2009
Radian Group (NYSE:
) climbed more than 7 percent on the session. Radian is a credit
enhancement company with a focus on domestic, first-lien mortgage
MGIC Investment (NYSE:
) rose around 13 percent on Monday in the wake of the MBIA
Outdoor Channel Holdings (NASDAQ:
) climbed more than 14 percent after receiving a buyout offer
from Kroenke Sports & Entertainment.
Boyd Gaming (NYSE:
) jumped after the company agreed to sell its Echelon site on the
Las Vegas Strip to Malaysian gambling company Genting Bhd. Boyd
also reported its fiscal fourth-quarter earnings results. The
stock was last up more than 11 percent.
) climbed better than 3 percent after the stock was upgraded at
) jumped around 7 percent after the company's quarterly earnings
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