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
ANDI Andiamo Corp 0.01 -0.01 -32.65 4,489,391
ARIA ARIAD Pharmaceuticals Inc. 13.97 0.02 0.11 2,747,593
CVX Chevron Corporation 99.67 0.69 0.70 2,116,714
FB Facebook Inc. 128.94 0.25 0.19 6,694,582
GE General Electric Co 29.64 -0.24 -0.81 10,094,365
GILD Gilead Sciences Inc. 78.82 -0.43 -0.54 3,270,513
GRPN Groupon Inc. 5.29 -0.04 -0.77 1,561,696
INFI Infinity Pharmaceuticals Inc. 1.55 0.00 0.00 222,328
INTC Intel Corporation 37.28 0.10 0.26 7,020,674
MCD McDonald\'s Corporation 115.11 -1.78 -1.52 2,904,235
MSFT Microsoft Corporation 57.87 -0.08 -0.14 8,143,212
MU Micron Technology Inc. 17.31 -0.69 -3.83 22,788,414
SYY Sysco Corporation 49.25 0.01 0.02 1,091,061
T AT&T Inc. 40.67 -0.79 -1.91 11,623,688

Comments

Emerging Growth

Bee Vectoring Technologies International

Bee Vectoring Technologies International Inc, formerly Unique Resources Corp is an technology/agricultural industry company. It develops and owns bee vectoring technology that is designed to utilize bees as natural delivery…

Private Markets

Uber

Uber connects riders with safe, reliable, convenient transportation providers at a variety of price-points in cities around the world. Uber makes money from charging their drivers 20% of the fare…

Snapchat

Snapchat is the fastest way to share a moment with friends. The mobile app, allows users to not only share photos with friends but also control how long they can…