The U.S. stock market rose on Monday after a series of
volatile moves last week. Investors snapped up shares on
expectations that the Federal Reserve will reinforce its
commitment to monetary stimulus to support the economic
The Fed is expected to provide clarity on its intentions at
the end of a two-day meeting on Wednesday. The stock market
gapped sharply higher at the open on Monday, but pared gains in
Nevertheless, the Dow finished the day up a little better than
100 points, with the S&P and Nasdaq recording similar
The Dow Jones Industrial Average rose 110 points, or 0.73
percent, to 15,180.
The S&P 500 added roughly 12 points, or 0.76 percent, to
The Nasdaq rose a little less than 29 points, or 0.83 percent,
Crude oil prices were largely unchanged on Monday. At last
check, NYMEX crude futures were down 0.01 percent to $97.84.
Brent crude futures lost 0.32 percent and were trading at
$105.59. Natural gas jumped better than 4 percent on the session
COMEX gold futures fell 0.35 percent on Monday. Silver was
last trading down a little better than 1 percent to $21.76.
Copper futures had shed 0.28 percent and were trading at
In the grains complex, corn and wheat were mixed. Near the
close, corn futures were up a little more than 1 percent while
wheat had lost 0.04 percent. Movers in soft commodities included
cocoa and sugar. At last check, cocoa was down 1.69 percent while
sugar had climbed slightly less than 1 percent.
Bond prices fell as money moved into equities. At last check,
the iShares Barclays 20+ Year Treasury Bond ETF (NYSE:
) was down 0.64 percent to $113.09. Yields rose as prices fell on
The 2-Year Note yield was last at 0.26 percent while the yield
on the 5-Year Note had risen to 1.05 percent. The 10-Year Note
was yielding 2.17 percent while the 30-Year Bond yield was
sitting at 3.35 percent.
The U.S. Dollar was slightly lower to start the trading week.
Near the close of equities, the PowerShares DB US Dollar Index
Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, was down 0.11 percent to $21.85.
The closely watched EUR/USD pair was last unchanged at
$1.3341. The USD/JPY rose 0.62 percent and the AUD/USD was
trading down around 0.75 percent on the sesssion.
Volatility and Volume
Despite the market rally, the CBOE Volatility Index only
weakened slightly on Monday. Late in the day, the VIX was down
1.52 percent to 16.89.
Volume was lighter than normal to start the week. Only around
114 million SPDR S&P 500 ETF (NYSE:
) shares traded hands compared to a 3-month daily average of 134
) was trading up around 7 percent heading into the close after
the company signed a multiyear deal to premiere new original
television series created by DreamWorks Animation (NYSE:
Dreamworks was trading up better than 4 percent late in the
session on the Netflix news.
) rose more than 4 percent on anticipation of the company's
Playstation 4 next generation gaming console.
Advanced Micro Devices (NYSE:
) added almost 3 percent after a positive mention in Barron's.
The company will power both the Playstation 4 and new XBOX
Hornbeck Offshore (NYSE:
) climbed around 6 percent on Monday after the stock was upgraded
from Neutral to Overweight at JPMorgan. The analysts also raised
their price target on the stock to $66 from $60.
Shipping company Frontline (NYSE:
) climbed around 27 percent on the day, although there was no
official news to account for the move.
) rose around 8 percent after the company was awarded a contract
worth up to $30 million from the U.S. Army.
) lost almost 8 percent after the company lowered its 2013
earnings guidance and said that it expects a Q2 profit well below
) lost more than 7 percent after filing for a public offering of
11 million shares on behalf of its largest shareholder, Apollo
Amicus Therapeutics (NASDAQ:
) lost more than 20 percent after a conference call where the
company outlined its plans for the regulatory strategy of its
Fabry disease treatment, migalastat HCL.
Medivation fell a little less than 7 percent on Monday after
Johnson & Johnson (NYSE:
) purchased Aragon Pharmaceuticals, which is developing a
competing prostate cancer drug, similar to Medivation's
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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