Consumer Stocks Led To Gains In The US Market Yesterday

US stocks witnessed an upside yesterday, with the consumer stocks leading the gains. However, Eurozone worries kept investors away from the energy and materials firms and the industrial stocks that are dependent on global growth. While the Dow Jones Industrial Average spent most of the yesterday’s session in the red, it managed to close up 5.67 points, or 0.05%, to 10625.83. Meanwhile, the Nasdaq Composite gained 7.38 points, or 0.31%, to 2354.23 and the Standard & Poor's 500 index climbed 1.26 points, or 0.11%, to 1136.94. Consumer-related components led gains on the Dow, with Kraft Foods

up 1.7% to $30.55 and Procter & Gamble

up 1.3% to $63.38. American Express

was another strong gainer that rose 1.4% to $41.22. On the other hand, components with heavier reliance on international demand fell heavily, with Alcoa

losing 2.1% to $12.10, Caterpillar

falling 1.7% to $63.78 and Exxon Mobil shedding 0.5% to $63.27, as crude-oil futures tumbled. At S&P 500, the consumer staples and consumer discretionary sectors were among the top performers, while the energy, industrials and materials sectors led the losses. Daniel Morgan, portfolio manager at Synovus Securities said, "We talk about the recovery and improvements in GDP, corporate profits...but people aren't really sold. They still have friends and neighbors that are losing their jobs and losing their houses. We keep reading about how things are improving but we're not seeing it in our day-to-day lives. It isn't something we can touch and feel." Read more