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
ARIA ARIAD Pharmaceuticals Inc. 6.73 0.08 1.20 3,865,258
CVX Chevron Corporation 101.42 0.83 0.83 6,474,098
FB Facebook Inc. 117.81 -0.25 -0.21 22,051,236
GE General Electric Co 29.89 -0.18 -0.60 31,699,051
GILD Gilead Sciences Inc. 85.86 0.26 0.30 8,035,785
GRPN Groupon Inc. 3.26 -0.12 -3.55 15,024,367
INFI Infinity Pharmaceuticals Inc. 5.11 -0.33 -6.07 693,243
INTC Intel Corp 29.90 0.05 0.17 23,393,269
MCD McDonald\'s Corp 129.28 -0.05 -0.04 4,519,814
MSFT Microsoft Corporation 49.94 0.07 0.14 25,388,618
MU Micron Technology Inc. 10.06 0.06 0.60 26,456,328
SYY Sysco Corp. 48.87 0.35 0.72 3,151,989
T AT&T Inc 38.74 -0.14 -0.36 16,239,416

Comments

Emerging Growth

Propanc Health Group Corp

Propanc Health Group Corp is an early stage healthcare company. It is engaged in developing new cancer treatments for patients, suffering from pancreatic and colorectal cancer.

Private Markets

Initial State

Initial State is an Internet of Things (IoT) data analytics & data management platform company. We turn sensor and event data into information that matters by making it easy to…

WayBetter

The spark hit Jamie when he saw co-workers competing to lose weight. Instead of pizzas and subs, they were eating salads and jogging along the river. Some were sneakily leaving…

Events

2016 Marcum MicroCap Conference

The Marcum MicroCap Conference is dedicated to providing a forum where publicly traded companies with less than $500 million in market capitalization can network with the investment community. The 2016…

Learn more