US stocks end modestly higher on a dull day

Cisco Systems and Mc Donalds lead the Dow higher

It was a lackluster day at Wall Street on Monday, 09 August 2010. There was not much of corporate news or economic data flow during the day. Still stocks, managed to end modestly higher for the day without the help of any particular leader. Gains were broad and varied ahead of Federal Reserve's interest are decision.



For the day, that ended on Monday, 09 August 2010, Dow ended higher by 45.19 points at 10,698.75. Nasdaq ended higher by 17.22 points at 2,305.69. S&P 500 ended higher by 6.17 points at 1,127.64.

All ten sectors ended higher led by telecom, consumer discretionary and energy sectors. Twenty-five out of thirty Dow components ended higher led by Cisco Systems and Mc Donalds. H-P featured among the Dow losers.

On Monday, US stocks spent the session in the green, but there was never really a leader among them. Instead, gains were broad and varied. Many point to tomorrow's FOMC decision as a primary reason that traders opted to stay on the sidelines. The consensus is that the FOMC will keep its target interest rate in a range of 0.00% to 0.25%, but many are concerned that the Fed might change the verbiage in its directive.

Among the major Dow components, Cisco Systems rose 3% a day ahead of the networking-gear maker's quarterly report. Shares of McDonald's also bolstered the Dow after the fast-food giant reported its largest monthly jump in sales in more than a year.

On the other hand, shares of Hewlett-Packard fell the most, off 8% in the first day of trade after Chief Executive Mark Hurd's abrupt ouster on Friday.

Crude oil prices ended higher for first time in four sessions on Monday, 09 August 2010. Prices rose in tandem with US stocks despite a strong dollar. On Monday, crude oil futures for light sweet crude for September delivery closed at $81.48/barrel (higher by $0.78 or 1%). Last week, crude ended higher by 2.2%.

Among other energy products on Monday, reformulated gasoline for September delivery declined a penny, or 0.3%, to $2.12 a gallon. On Monday, September natural gas declined 16 cents to $4.31 per million British thermal units, its lowest close since early June.

Bullion metal prices ended lower on Monday, 09 August 2010 at Comex. Prices pared early gains and fell ultimately as the dollar strengthened.

On Monday, gold for December delivery ended at $1,202.6 an ounce, lower by $2.7 (0.2%) on the New York Mercantile Exchange. During intra day trading, prices touched a high of $1,212.1. Prices dropped for first time in nine sessions. On Monday, September Comex silver futures ended lower by 23 cents (1.2%) at $18.24 an ounce.

In the currency market on Monday, the dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.4%.

For every stock on the decline, nearly three were rising on the New York Stock Exchange, where 790 million shares traded.

Almost all Indian ADRs ended mostly higher on Monday. ICICI Bank and WNS were the main gainers soaring 2.4% and 2.1% each.

For tomorrow, the preliminary reading on productivity and unit labor costs are the main economic data expected. Other than that, earning reports will continue to trickle in.