May 12, 2014 -- 4:15 p.m. - 05/12/14
Stocks kicked off the week on a positive note. The Dow gained 112 points to a new record close of 16695. The S&P 500 also rose to a fresh all-time high as it advanced 18 points of 1896. The NASDAQ increased more than 71 points to 4143.
Eight of the 10 S&P 500 sectors finished in positive territory. A rebound in technology from last weeks retreat paced the advance. Apple rose 1.4% to $593.46 and Facebook jumped 4.5% to $59.79.
Materials were also among todays best performing stocks as copper jumped to a two-month high. Freeport-McMoRan gained 2.8% to $34.87. The more defensive utilities and telecommunications sectors lagged behind. Exelon lost 2.1% to $35.43. Shares of Verizon declined 0.6% to $48.19. M&A activity also helped lift the market. Pinnacle Foods rallied 13.2% to $34.47 after Hillshire Brands agreed to buy the company for about $6.6 billion.
On the economic front, the Treasury Department said the government ran a surplus of $106.9 billion in April, keeping the budget on track for the lowest annual deficit in six years.
NYSE Composite volume totaled more than 2.9 billion shares. On the NYSE, advancers beat decliners by 4-1 on issues and 6-1 on volume. The NASDAQ was also 4-1 positive on issues and 6-1 positive on volume.
Treasury prices declined for a second day. The 10-year note lost 7/32 to yield 2.65%. The 30-year bond fell 13/32 to yield 3.49%.
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.