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U.S. markets mixed Monday

Sept. 16, 2013 at 5:09 PM   |   Comments

NEW YORK, Sept. 16 (UPI) -- Wall Street markets closed mixed Monday with investors cheered by Larry Summers' withdrawal from contention for the job of Federal Reserve chairman.

The withdrawal is seen as a gain for investors hoping the central bank continues with its accommodating monetary policies. The leading contender for the job at this point is Fed Vice Chairwoman Janet Yellen, who is seen as a stronger supporter of the quantitative easing program the Fed is using to supply liquidity to the market place and to keep interest rates down.

The reaction highlights the thinking on Wall Street these days, as investors are cheered by bad news that signals the Fed will continue to provide assistance. Lately, bad economic news has been sending the market higher, while positive news is viewed as a sign the Fed will change its policy, sending stocks lower.

On Wall Street Monday, the Dow Jones industrial average gained 118.72 points or 0.77 percent to close at 15,494.78. The Standard & Poor's 500 index added 9.61 points or 0.57 percent to 1,697.60. The Nasdaq composite index lost 4.34 or 0.12 percent to 3,717.85.

On the New York Stock Exchange, 2,078 stocks advanced and 996 declined on a volume of 3 billion shares traded.

Ten-year U.S. treasuries rose 6/34 to yield 2.865 percent.

The euro rose to $1.3335 Monday, while the dollar rose to 99.10 yen.

In Japan, the Nikkei 225 index added 17.40 points, 0.12 percent, to 14,404.67.

In Britain, the FTSE 100 index added 0.59 percent or 39.06 points to close at 6,622.86.

Gold added $2.60 on the Comex division of the NYMEX, to reach $1,311.30 per troy ounce. Silver gained 10 cents to $21.82 per ounce, up 0.46 percent.

In late trading, West Texas Intermediate crude oil shed $2.06 or 1.9 percent to $106.15 per barrel.

On the Chicago Board of trade, corn for December delivery lost 2 1/2 cents to $4.56 1/2 per bushel. Soybeans for November lost 33 3/4 cents to $13.47 3/4. Wheat for December delivery added 1/2 cent to $6.42.

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