Dow Closes Up 48, Nasdaq Down 5

0



NATIONAL

A late-day rebound left stocks modestly higher Monday as oil and gold prices tumbled and mild economic data lifted bonds from their recent lows.


News of a slowdown in manufacturing activity in the New York region brightened the outlook for interest rates and helped bond yields retreat from four-year highs. A drop in first-quarter existing home sales also reinforced views that interest rates have been raised enough to clamp down on economic growth.


According to preliminary calculations, the Dow Jones industrial average added 47.78, or 0.42 percent, to 11,428.77, after sliding as much as 48 points earlier in the session. The Standard & Poor’s 500 index rose 3.26, or 0.25 percent, to 1,294.50, and the Nasdaq composite index lost 5.26, or 0.23 percent, to 2,238.52.






Read the full Associated Press story

.



LOCAL


Magnetek Inc., which reported earnings Friday and was downgraded to “neutral” from “buy” at B. Riley & Company, Inc., dropped 6.4 percent to $2.50. IMPCO Technology Inc. fell 6.7 percent to $8.14. Southwest Water Co., which was rated new “hold” in new coverage by analyst Michael Gaugler at Brean Murray Carret & Co., fell 4 percent to $13.50. KB Home, which lost 2 percent, to $56.55, was among several U.S. homebuilders that fell after the National Association of Home Builders/Wells Fargo’s index of builder confidence fell from 51 in April to 45 in May (the lowest since June 1995).


WPI Enterprises Inc. jumped 11 percent to $5.50. Reinhold Industries Inc., which reported earnings Friday, gained 8 percent to $15.53. Superior Industries International Inc. rose 6 percent, to $18.58, after Barron’s citing an unidentified analyst as predicting that shares of the maker of aluminum car wheels may rise to $33 as the company looks for business outside automakers General Motors Corp. and Ford Motor Co. Natrol Inc., which reported earnings Friday, rose 1.8 percent to $2.25. Cogent Inc., which was rated new “outperform” in new coverage by analyst Rob D Owens at Pacific Crest Securities, gained 1 percent to $15.93.

No posts to display