Stocks Close Solidly Higher as Treasury Market Rallies
Traders could leave their desks today with smiles on their faces (yes, there were some traders left that weren't on vacation) thanks to a respectable advance in the market, while one of the biggest stories of the day came out of the world of -- get this one -- copper!
In said world of copper,
Phelps Dodge
(PD)
beefed up its offer to buy
Asarco
(AR)
and
Cyprus Amax Minerals
(CYM)
to $2.66 billion.
Stocks posted solid gains thanks in part to a rally in the bond market, which saw the yield on the 30-year Treasury bond slip below the key psychological 6% level. Also exerting a positive influence on stocks was today's double expiration of some options on stocks and futures.
Looming ahead, on Tuesday is the
Federal Open Market Committee
meeting. The FOMC is widely expected to raise the federal funds rate 25 basis points.
On the
TheStreet Recommends
New York Stock Exchange
, advancers defeated decliners 1,714 to 1,197 on 662.5 million shares. On the
Nasdaq Stock Market
, winners beat losers 2,027 to 1,739 on 790 million shares.
On the NYSE, 72 issues set new 52-week lows while 53 touched new highs. On the Nasdaq, 74 issues set new 52-week highs while new lows totaled 42.
On the NYSE,
Western Digital
(WDC)
was most active with 13.4 million shares changing hands. It was down 15/16, or 13.6%, to 5 15/16.
On the Nasdaq,
Microsoft
(MSFT)
was most active with 23 million shares changing hands. It was down 3/8 to 83 3/8.
Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup
Earlier...
3:10 p.m.: Phelps Dodge Sweetens Offer for Asarco, Cyprus
The
Phelps Dodge
(PD)
desire to buy
Asarco
(AR)
and
Cyprus Amax Minerals
(CYM)
just got a little more interesting.
1:57 p.m.: Stocks Cling to Moderate Gains
Agile Software
(AGIL)
was showing its agility to climb to the top of the new issue jungle gym this afternoon in its trading debut.
1:08 p.m.: Midday Musings: Market Enjoys Gains on Modest Preweekend Volume
12:11 p.m.: Stocks Hold Onto Modest Gains After Recent Losses
Firm but not flying, stocks were enjoying a decent day so far, while two copper mining companies said they've received a takeover offer from
Phelps Dodge
(PD)
.
11:06 a.m.: Stocks Add to Modest Gains
Stocks were getting juiced up as the morning has dragged on with blue-chips leading the way up among the major market barometers.
10:00 a.m.: Stocks Open Modestly Higher
Green was the predominant color on stock traders' screens early on as the 30-year Treasury bond was posting some early gains.
