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US stocks rise ahead of GDP, jobs data

Last Updated: Tuesday, November 5, 2013 - 09:39

US stocks Monday ended a quiet day higher as investors looked ahead to some important economic reports later in the week, including the monthly jobs report.

The Dow Jones Industrial Average tacked on 23.57 points (0.15 percent) at 15,639.12.

The broad-based S&P 500 rose 6.29 (0.36 percent) to 1,767.93, while the tech-rich Nasdaq Composite Index added 14.55 (0.37 percent) at 3,936.59.

Dan Greenhaus, chief global strategist at BTIG LLC, characterized Monday`s economic news flow as "dead" but said markets will likely take notice of Thursday`s report on third-quarter gross domestic product and Friday`s monthly jobs report for October.

"We`ve had a really nice run here and the market feels a little tired," Greenhaus said.

Tech companies Groupon (+6.4 percent) and Tesla Motors (+8.0 percent) rose ahead of earnings reports this week.

Dow component Merck was lifted 1.1 percent after announcing promising results in a trial for a vaccine that it said protects against the HPV virus that can lead to cervical cancer.

Another Dow component, Johnson & Johnson, dipped 0.4 percent after it agreed to pay USD2.2 billion to settle allegations of fraudulently marketing drugs and paying kickbacks to promote their sales.

Smartphone company BlackBerry spent the day trading in the red after announcing a new chief executive and scuttling plans to sell the company and instead receive a USD1 billion infusion. Shares ended 16.4 percent lower amid revived questions about the Canadian company`s prospects.

SolarCity shot up 11.4 percent after announcing plans to offer USD54.4 million in solar asset-backed notes. A Motley Fool note characterized the announcement as marking an important new funding source for the solar industry.

Bond prices rose. The yield on the 10-year US Treasury slipped to 2.60 percent from 2.62 percent late Friday, while the 30-year dipped to 3.69 percent from 3.70 percent. Bond prices and yields move inversely.

First Published: Tuesday, November 5, 2013 - 09:39
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