April 30, 2014 -- 4:15 p.m. - 04/30/14
Stocks advanced on the final trading day of April. The Dow rose 45 points to 16580. The S&P 500 gained 6 points to 1883. The NASDAQ increased 11 points to 4114. For the month, the Dow was up 0.8%; the S&P 500 climbed 0.6% while the NASDAQ lost 2%.
The major averages finished higher following the Feds policy meeting. As expected, the central bank trimmed its monthly asset purchases to $45 billion, citing indications the economy is gaining momentum. Stocks were mixed leading into the Fed statement as investors weighed this mornings data releases. Before the open, first-quarter GDP grew 0.1% versus a projected 1.2% increase. Additional reports showed employers added 220,000 jobs in April and manufacturing activity expanded at a faster pace this month.
On the earnings front, Time Warner added 2.7% to $66.46 as profits topped estimates. Twitter fell 8.6% to $38.97 amid disappointment in first-quarter user growth. EBay declined 5% to $51.83 after reducing its sales forecast.
Materials were the best performing on todays session. Coal producer Peabody Energy climbed 2.5% to $19.01. M&A news provided a tailwind to the utilities sector. Pepco Holdings rallied 17.4% to $26.76 after agreeing to be acquired by Exelon for $6.8 billion. Energy was the lone lower today. Chevron was down 0.4% to $125.52.
Breadth was positive on issues by 2-1 on the NYSE and 3-2 on the NASDAQ. NYSE Composite volume totaled 3.7 billion shares.
Treasuries advanced with the 10-year note up 11/32 to yield 2.65%.
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.