Stocks End Higher on QE3
Stocks ended higher in trading today as investors continued to cheer Federal Reserve’s decision to implement another round of quantitative easing.
The Dow Jones ended the day 0.40% higher at 13,593.37, the S&P 500 ended the day 0.40% higher at 1,465.77, and the Nasdaq ended the day 0.89% higher at 3,183.95.
Basic Materials sector led the gains in the S&P 500 in trading today, ending the day 1.67% higher. Consumer Cyclical sector also rose sharply, ending the day 1.65% higher. Energy sector ended the day 1.48% higher. Financials rose 1.04%. Technology sector ended the day 1.13% higher.
Among the major gainers in trading today were Fossil Inc. (NASDAQ: FOSL), which ended the day 11.43% higher at $93.60, Analogic Corporation (NASDAQ: ALOG), which ended the day 16.26% higher at $80.44, Apple Inc. (NASDAQ: AAPL), which ended the day 1.22% higher at $691.28, Groupon Inc. (NASDAQ: GRPN), which ended the day 10.71% higher at $5.27, and Kayak Software Corp. (NASDAQ: KYAK), which ended the day 9.92% higher at $32.92.
Among the major losers in trading today were Swift Transportation Co. (NYSE: SWFT), which ended the day 8.11% lower at $8.27, and Werner Enterprises Inc. (NASDAQ: WERN), which ended the day 7.35% lower at $21.93.
On the economic front, a report released by the Commerce Department showed that retail sales rose in the month of August. Meanwhile, the Thomson Reuters/University of Michigan’s consumer sentiment index rose to highest level in four months in September. A report from the Federal Reserve showed that industrial production fell in August..
European markets rallied in trading today, with the FTSE 100 Index in London ending the day 1.64% higher, and the CAC 40 Index in Paris ending the day 2.27% higher. Asian markets also rose sharply overnight, with the Nikkei 225 Index in Japan ending 1.83% higher, and the Hang Seng Index in Hong Kong ending 2.90% higher.