Stocks were trading higher on Tuesday as all the major indices posted significant gains, with the Nasdaq leading the charge. Among the day’s big gainers were growth companies and biotechs, with the iShares NASDAQ Biotechnology Index ETF (IBB) climbing 2.7 percent and the SPDR S&P Biotech ETF (XBI) jumping 3.8 percent.
The day’s gains followed a by now familiar pattern, with a choppy trading day where gains and losses by the S&P and Dow Jones Industrial Average (DJIA) magnified in the Nasdaq Comp. Index. And, once again, the markets appeared to show some significant volatility as early gains were pared back by a downward spike around 10:30 am ET followed by an equally rapid recovery before 11 am ET.
Driving the day’s moves appeared to be some key pieces of economic data. Consumer confidence declined slightly in April, down to 82.3 from an upwardly-revised March level of 83.9, but still represented the second-highest level achieved since January of 2008. And, in a separate report, the Standard & Poor’s/Case-Schiller composite index rose 0.8 percent in February, beating an estimated 0.7 increase anticipated in a Reuters survey. Year-over-year, home prices were up 12.9 percent in February, down from a 13.2 percent year-over-year increase from January.
Results for April 29, 2014
● Standard & Poor’s 500: +0.48 percent to 1,878.33 points
● Dow Jones Industrial Average: +0.53 percent to 16,535.37 points
● NASDAQ Exchange: +0.72 percent to 4,103.54 points
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