Lu Wang & Nick Taborek
September 6, 2013
Lennar Corp. and D.R. Horton Inc. rose 2.6 percent to pace gains among homebuilders as bond yields plunged. Timken Co. advanced 4.5 percent after it agreed to spin off its steel unit. E*Trade Financial Corp. climbed 5 percent amid an analyst upgrade. Mattress Firm Holding Corp. dropped 16 percent after cutting its forecast.
The Standard & Poor’s 500 Index rose 0.3 percent to 1,659.88 at 11:32 a.m. in New York, erasing an earlier loss of as much as 0.9 percent. The Dow Jones Industrial Average added 36.25 points, or 0.2 percent, to 14,973.73. Trading in S&P 500 stocks was 15 percent higher than the 30-day average at this time of day.
“It’s a very skittish stock market,” John Augustine, who helps manage $27 billion as chief market strategist at Cincinnati-based Fifth Third Bancorp, said in a phone interview. “We’re in a period where markets will react quickly to external news from a variety of sources, whether it’s the bond market, the Middle East, or one single economic report.”
This article was posted: Friday, September 6, 2013 at 10:59 am