Stocks Recover from Productivity Report, Close Sharply Higher

Strategic Insights -

Stocks managed to fight back after a report on lower-than-expected productivity in the second quarter, closing the day sharply higher. Despite concerns about inflation and interest rates, investors appear to be focusing on more pressing issues, driving shares of major indices up. The Dow Jones industrials jumped 119 points, while the S&P 500-stock index rose over 8 points. The Nasdaq also rose significantly, closing nearly 26 points higher.

Key Takeaways:

  • The Dow Jones industrials gained 119 points to close at just under 10,794.
  • The S&P 500-stock index rose over 8 points to close at just under 1314.
  • The Nasdaq composite index increased almost 26 points to close at just under 2566.
  • Decliners had an almost 3-2 edge over advancers on a volume of 854 million shares.
  • Among active stocks, America Online fell 4%, Pier 1 Imports fell 2 7/8, AT&T rose 3 3/4, DuPont rose 2 7/8, and Waste Management rose 1 5/8.
  • The 30-year Treasury bond was up 11/32, with a yield of 6.07%.
  • The dollar closed at 1.0763 against the euro and 114.53 against the yen.
  • August gold was down 60 cents, and September silver was down 7 cents.

Statistics:

  • Dow Jones industrials gain: 119 points
  • S&P 500-stock index gain: 8 points
  • Nasdaq composite index gain: 26 points
  • Volume: 854 million shares
  • Decliners to advancers ratio: almost 3-2
  • August gold price: $256.70 (down 60 cents)
  • September silver price: $5.43 (down 7 cents)

Sources:

  • COMTEX (http://www.comtexnews.com)
  • The Wall Street Journal (cited in the article)