Blue Chips Lead Wednesday Advance
The week is absolutely flying! Wall Street ended a mild two day skid with modest gains on Wednesday, going green from start to finish. After the bell earnings from Alcoa Inc. (AA) on Tuesday were enough to boost the market ahead of the debt ceiling debate. The week should be pretty uneventful in general, with a lull until the heart of earnings season. Economic news is very brief on the week and we have yet to really sink into the debt debate so soon after the fiscal cliff. Any movement is a head fake until we get that resolved. The Dow Jones Industrial Average rose 61.66 points, or 0.5%, to 13,390.51, with 18 of its 30 components rising. The S&P 500 index gained 3.87 points, or 0.3%, to 1,461.02, with health care leading gains and telecommunications the largest loser of its 10 major industry groups. The Nasdaq Composite Index added 14 points, or 0.5%, to 3,105.81.
Crude for February delivery fell 5 cents, or 0.05%, to settle at $93.10 a barrel on the New York Mercantile Exchange. Gold declined for the third time in four sessions, losing settled down $6.70, or 0.4%, to settle at $1,655.50 an ounce.