S&P Closes on New Record High as Stocks Inch Upward

Michael Teague  |

Stocks pared back early gains to end the first trading day of the week modestly higher on Wall Street, as investors have little in the way of economic datato distract them from speculating on what announcement, if any, will be made regarding Federal Treasury spending at the conclusion of the central bank’s monthly policy meeting next week.

The Standard & Poor’s 500 index ended the day at a new record-high on a gain of 0.18 percent to 1,808.37 points, while the Dow Jones Industrial Average inched up a slight 0.03 percent to 16,025.33 points, and the NASDAQ was 0.15 percent higher at 4,068.75.

McDonald’s Corp. (MCD) dropped over 1 percent on the day, but the Dow got plenty of support on the upside with gains for General Electric (GE) , Microsoft (MSFT) , and oil & gas giant Chevron (CVX) .

On the S&P 500, major food retailer Sysco Corp. (SYY) closed the day nearly 10 percent higher on the most volume of any stock on the index after the announcement of its $3.5 billion merger with US Foods, a move that could increase the company’s sales by nearly 50 percent. Tech companies rose on heavy trading as well, with gains for Micron Technology (MU) , Intel (INTC) , and AT&T (T) .

On the NASDAQ, shares for Israeli medical appliance manufacturer Given Imaging Ltd. (GIVN) jumped over 27 percent by the closing bell after Sunday’s announcementthat the company was being purchased for $680 million by Covidien Plc. (COV) . Biotech firms Gilead Sciences (GILD) , Ariad Pharmaceuticals (ARIA) , and Infinity Pharmaceuticals (INFI) also notched gains.

Social media/mobile-based techs performed well, with Facebook (FB) up nearly 2 percent and Groupon (GRPN) adding over 5.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
GE General Electric Company 10.20 0.24 2.41 91,647,450 Trade
CVX Chevron Corporation 125.88 0.57 0.45 5,586,982 Trade
FB Facebook Inc. 160.47 -5.51 -3.32 37,524,191 Trade
INTC Intel Corporation 54.10 -0.23 -0.42 16,273,986 Trade
ARIA ARIAD Pharmaceuticals Inc. n/a n/a n/a 0 Trade
GILD Gilead Sciences Inc. 65.02 -0.61 -0.93 8,067,223 Trade
SYY Sysco Corporation 66.46 0.19 0.29 2,387,642 Trade
MCD McDonald's Corporation 183.95 -1.38 -0.74 3,669,226 Trade
INFI Infinity Pharmaceuticals Inc. 1.80 0.00 0.00 169,672 Trade
GRPN Groupon Inc. 3.46 -0.07 -1.98 3,680,202 Trade
MU Micron Technology Inc. 39.61 0.07 0.18 22,296,587 Trade
T AT&T Inc. 30.80 0.13 0.42 23,325,108 Trade
MSFT Microsoft Corporation 117.57 1.66 1.43 31,207,596 Trade
ANDI Andiamo Corp 0.00 -0.00 -7.69 7,831,695

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