U.S. market indexes were higher on Monday with stable volatility after losses Friday from a lower than expected jobs report. The Dow Jones Industrial Average closed for the day at 17920.33 for a gain of 113.27 points or 0.64 percent. The S&P 500 Index was also higher at 2109.41 for a gain of 10.28 points or 0.49 percent. The Nasdaq Composite also gained closing at 4968.71 for a gain of 26.20 points or 0.53 percent. The VIX Volatility Index was up just slightly at 13.62 for a gain of 0.15 points.
Source: DJIA, S&P 500 and Nasdaq Composite. Google Finance.
Monday’s Market Movers
In a speech from Janet Yellen on Monday afternoon, the Fed leader continued to report the Federal Open Market Committee’s commitment to increasing rates gradually over the next year. However, her speech gave no indication of the exact timing of the next rate increase. The market appears to be factoring in a rate increase later in the year and the Fed leader’s speech was consistent with that market sentiment which helped stocks trade mostly higher for the day.
The leading economic indicator on the calendar for Monday was the Labor Market Conditions Index which followed Friday’s jobs report with a lower reading of -4.8. At -4.8 the Index was lower for the fifth consecutive month.
Stocks trading actively with gains on Monday included Bank of America, Chesapeake Energy, Ford and Transocean. In the Dow Jones Industrial Average, stocks leading gains included:
Boeing 3.55 percent
Caterpillar 1.84 percent
Nike 1.59 percent
Exxon Mobil 1.10 percent
3M 1.01 percent.
Top sectors gaining in the broad market included energy, materials and industrial. In the technology sector stock trading was mixed with the Nasdaq Composite gaining 26.20 points or 0.53 percent and the Nasdaq 100 closing at 4523.63 for a gain of 13.84 points or 0.31 percent. Stocks leading gains and losses in the Nasdaq 100 included the following:
TripAdvisor 4.84 percent
Priceline 3.64 percent
Discovery Communications 2.68 percent
NXP Semiconductors -1.97 percent
Analog Devices -1.76 percent
Charter Communications -1.45 percent
In commodities, gold traded higher as evidenced by the SPDR Gold Trust which reported a gain of 0.04 points or 0.03 percent. The dollar was lower for the day as the U.S. Dollar Index was down -0.04 points or -0.04 percent to 93.99.
In small-caps, the Russell 2000 followed the day’s trend higher closing at 1176.87 for a gain of 12.74 points or 1.09 percent. The S&P 600 closed at 717.38 for a gain of 7.83 points or 1.10 percent. The DJ Small-Cap Growth TSM closed at 7244.17 for a gain of 88.34 points or 1.23 percent. The DJ Small-Cap Value TSM closed at 8413.05 for a gain of 66.08 points or 0.79 percent.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index which closed at 1512.82 for a gain of 11.92 points or 0.79 percent; the S&P 100 closing at 931.90 for a gain of 4.44 points or 0.48 percent; the Russell 3000 closing at 1245.73 for a gain of 6.91 points or 0.56 percent; and the Dow Jones U.S. Select Dividend Index closing at 600.31 for a gain of 3.32 points or 0.56 percent.