May 5, 2014 -- 4:15 p.m. - 05/05/14
Stocks recovered from an early sell-off to post modest gains on Monday. The Dow rebounded from a 136 point decline to close up 18 at 16530. The S&P 500 added 4 points to 1884. The NASDAQ rose 14 points to 4138.
The major averages finished in positive territory following an encouraging reading on the U.S. economy. Stocks rose after a report showed service sector activity expanded at a faster pace in April. The better-than-expected data helped offset news Chinese manufacturing contracted for a fourth consecutive month and concerns about the situation in Ukraine.
Eight of 10 sectors were higher in the S&P 500. Utilities and energy were the best performing groups. Public Service Enterprise increased 1.9% to $39.62. Shares of Exxon gained 0.9% to $102.91. Financials were down the most on the session. JP Morgan lost 2.5% to $54.22 following a reduced forecast for second-quarter trading revenues. In the retail space, Target decreased 3.5% to $59.87 after announcing the resignation of its CEO.
On the earnings front, Pfizer fell 2.6% to $29.96 as first-quarter profit declined due to increased competition from generic drugs. Tyson Foods retreated 9.9% to $38.44 as it offered a full-year outlook below analyst projections.
Breadth on the NYSE was even on issues and 4-3 negative on volume. NYSE Composite volume totaled 2.7 billion shares. The NASDAQ was 4-3 negative on issues and 8-7 positive on volume.
Treasuries snapped a four day winning streak with the benchmark 10-year note down 6/32 to yield 2.61%.
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.