News Column

Markets post modest gains

February 10, 2014



U.S. stocks closed with modest gains Monday with traders toughing it out in the wake of disappointing jobs data.

The Labor Department said Friday jobs added in January were far fewer than expected. Despite the data, equities made solid gains Friday, which followed a positive trading session Thursday.

Gains were more modest Monday, but they showed investors where hanging tough, one market analyst said.

"After what happened last week, the fact that stocks are holding here indicates there's a little bit of conviction," Gordon Charlop, managing director at Rosenblatt Securities told the Wall Street Journal.

"The market didn't break down, which in some ways is probably the best thing you could have hoped for," Charlop said.

On Monday, the Dow added 7.71 points or 0.05 percent to 15,801.79. The Standard & Poor's 500 added 2.82 points, 0.16 percent, to close at 1,799.84. The Nasdaq composite index gained 22.31 points, 0.54 percent, to close at 4,148.17.

On the New York Stock Exchange, 1,818 stocks advanced and 1,289 declined on a volume of 3.2 billion shares.

In Japan, the Nikkei 225 index added 255.93 points or 1.77 percent to reach 14,718.34.

London'sFTSE 100 gained 19.87 points, 0.3 percent, to hit 6,591.55.

The 10-year U.S. treasury was yielding 2.675 percent, up 2/32.

The euro traded at $1.3644 against the dollar. Against the yen, the dollar was trading at 102.21 yen.

Gold gained $11.50 to reach $1,274.40 an ounce on the Comex division of the New York Mercantile Exchange. Silver added 11.9 cents to hit $20.055 an ounce.

Crude oil added 11 cents to reach at $99.98 per barrel on the NYMEX.

On the Chicago Board of Trade, corn for March delivery shed 1.75 cents to $4.425 per bushel. Soybeans lost 5.5 cents to $13.26. Wheat gained 7.75 cents to $5.8525.


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Source: UPI Business News


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