Dow Jones ends on a high note, buoyed by financial sector

11th November 2013 No Comments

dow jonesAs news of an unexpected boost in American job growth in October spread, both the Dow Jones Industrial Average and the S&P 500 moved up at the end of last week. Bond yields also increased as murmurs of the Fed tapering its stimulus program next month increased.

Who was the big winner in the industry groups? The financial sector, although every group gained with the exception of the utilities sector, which was the only group that finished at a loss.

Winners in the financial sector included Bank of America Corp (BAC), up 3.8%, and Citigroup Inc. (C), which was up 3.3%. Other big gainers included Wells Fargo & Co. (WFC) at an increase of 2.4% and Berkshire Hathaway Inc. (BRK.B) with a 1.8% gain. The superstar of the sector, though, was JPMorgan Chase & Co. (JPM), which jumped up by 4.5%, paving the way for an overall gain of 2.3% across the entire financial sector.

Even though utilities stocks were the only losers, the sector was still only down by 0.2%. The biggest losers? The Southern Company (SO) and Exelon Corporation (EXC) each dropped by 0.8%. Duke Energy Corp (DUK) dropped by 0.7%, while Sempra Energy (SRE) slid by 0.6% by the end of the day.

The Dow Jones finished up 1.1%, while the S&P 500 climbed 1.3% and the Nasdaq Composite Index soared by 1.6%.

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