Market Commentary - Foreign Markets
Semiconductor and computer hardware stocks led U.S. markets modestly higher, while European indices declined and Asia saw broad gains; bond yields eased slightly.
The Dow edged down 1.11 points or less than a tenth of a% to 42,761.76, the S&P 500 inched up 5.52 points or 0.1% to 6,005.88 and the Nasdaq rose 61.28 points or 0.3% to 19,591.24.
Most of the major sectors ended the day showing only modest moves, semiconductor stocks moved sharply higher on the day, driving the Philadelphia Semiconductor Index up by 2.0%. Computer hardware stocks were considerably strong, as reflected by the 1.2% gain posted by the NYSE Arca Computer Hardware Index. Oil service, telecom and networking stocks were significantly strong while utilities stocks notable moved downwards.
Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index advanced by 0.9% while Hong Kong's Hang Seng Index jumped by 1.6%. Japan's Nikkei 225 Index advanced by 0.9% while Hong Kong's Hang Seng Index jumped by 1.6%.
Major European markets moved downwards. The German DAX Index fell by 0.5%, the French CAC 40 Index dipped by 0.2% and the U.K.'s FTSE 100 Index edged down by 0.1%. In the bond market, treasuries saw modest strength following the steep drop seen last Friday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price fell 3 bps to 4.48%.
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