By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
General Motors rises on share-buyback news
NEW YORK (MarketWatch) -- U.S. stocks climbed on Monday as Wall
Street marked the sixth anniversary of the bull market with limited
fanfare.
The S&P 500 hit a bottom on March 9, 2009 at 676.53, losing
more than half its value from the peak in October 2007. In six year
since, the S&P 500 has more than tripled in value.
The S&P 500 (SPX) was up slightly with eight of its 10 main
sectors trading higher. The Dow Jones Industrial Average (DJI) also
inched higher, with more than two-thirds of its 30 components
trading higher.
The Nasdaq Composite (RIXF) was flat.
See: Why the six-year bull market has a shot at celebrating its
seventh birthday
(http://www.marketwatch.com/story/why-the-bull-market-is-ready-to-celebrate-its-7th-birthday-2015-03-06)
"Markets aren't sentimental, they do not react to
anniversaries," said Jonathan Golub, chief U.S. market strategist
at RBC Capital Markets.
Golub is optimistic about the market and said the bull market
has more room to grow.
"The thing that makes the bull market end is a recession and
economies do not drift into a recession. Usually, recessions hit
suddenly when companies lay off lots of people, cut inventories
drastically. We are not seeing any indications of that," Golub
said.
Some investors worry that stock values are too lofty amid an
economic recovery from the depths of the financial crisis that
appears unsteady in places.
"The good news is that the stock market's reaction to Friday's
employment news reduces the risk of a melt-up in stocks," said Ed
Yardeni, chief investment strategist at Yardeni Research, in a note
on Monday.
"The market needs some time to let earnings catch up with
stretched valuations. It also needs some time to get used to
monetary normalization, which is now even more likely to start at
the June 16-17 meeting of the FOMC," Yardeni wrote.
The dollar weakened as investors flocked to buy pounds and euros
at lower levels, following sharp declines on Friday. The euro
(EURUSD) rose off a 12-year low to $1.0864 on Monday.
Stocks to watch: Shares of Macerich Co.(MAC) jumped, after Simon
Property Group (SPG) said it sent a proposal to buy the real-estate
investment trust in a deal valued at $22.4 billion, including $6.4
billion in debt.
Alcoa Inc.(AA) shares slumped on Monday after the aluminum
producer said it would acquire RTI International Metals Inc. in a
deal worth $1.5 billion. RTI shares soared 40% to $38.21.
Shares of General Motors Co.(GM.XX) rose after the company set a
$5 billion stock buyback program
(http://www.marketwatch.com/story/gm-commits-to-immediate-5-billion-share-buyback-2015-03-09)
and said it would raise its quarterly dividend to 36 cents a share,
from 30 cents.
Twitter Inc. (TWTR) shares rose after an upbeat research note
from J.P. Morgan, which said accelerating product launches and
distribution deals should boost usage and ad revenue. Twitter stock
has gained more than 30% since the start of the year.
Apple Inc.(AAPL) shares rose 0.8% ahead of an event on Monday
that many expect will be the launch of the Apple Watch. On Friday,
investors learned that Apple will join the Dow Jones Industrial
Average later this month
(http://www.marketwatch.com/story/will-2015-be-apples-blue-chip-debut-2014-12-15).
Also read: 6 things investors must know about the Apple Watch
(http://www.marketwatch.com/story/6-things-to-know-about-apple-watch-ahead-of-march-9-2015-02-27)
Read more about today's notable movers in our Movers &
Shakers column
(http://www.marketwatch.com/story/apple-urban-outfitters-mcdonalds-are-stocks-to-watch-2015-03-09).
Other markets: Monday marks the start of the European Central
Bank's quantitative easing program.
Also read: 7 things to know about the QE's game plan
(http://www.marketwatch.com/story/7-things-to-know-about-the-ecbs-qe-game-plan-2015-03-06)
The Stoxx Europe 600 index was under pressure, as Greek Finance
Minister Yanis Varoufakis told Italian newspaper Corriere della
Sera that the country could hold a referendum if creditors raise
requests that aren't acceptable to the government. The situation is
expected to be discussed at a meeting of European finance ministers
on Monday.
Also see: Here's the toll Europe took on Dow industrials'
revenues
(http://www.marketwatch.com/story/why-the-bull-market-is-ready-to-celebrate-its-7th-birthday-2015-03-06)
And: The stocks to buy as ECB kicks off QE: SocGen
(http://www.marketwatch.com/story/the-stocks-to-buy-as-ecb-kicks-off-qe-socgen-2015-03-05)
Japan stocks fell the most in a month on Monday, after revised
figures showed the nation's economy grew slower than previously
estimated in the fourth quarter of last year.
U.S. oil prices
(http://www.marketwatch.com/story/oil-lower-as-a-new-week-of-trading-kicks-off-2015-03-09)(CLJ5)
rose, while gold (GCJ5) inched higher.
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