Stocks Track Wall Street Rally
May 19, 2011
The market's key IPC index gained 34.21 to 3340.93 after sliding 23.27 a day earlier. Volume totaled a slim 822 million pesos on 50 million shares traded. The Dow Jones Industrial Average jumped 52.90 to 5659.86. The bolsa has been closely eyeing the movements on Wall Street this week. U.S. employment data for August, which was released Friday and was in line with expectations, gave both the Dow industrials and the Mexican market a boost. Furthermore, the yield on the U.S. 30-year Treasury bond dropped to 7.10%. According to the U.S. Labor Department, the economy created 250,000 jobs last month, as the unemployment rate fell to its lowest level in more than seven years. Leading gainers Friday were Class C shares of industrial holding company Desc, which added 1.90 pesos to 41.30 pesos, and ACP shares of financial group Serfin, which rose 15 centavos to 3.40 pesos. Losers were led by Class L shares of retailer Grupo Salinas y Rocha, which shed 13 centavos, or 22%, to 47 centavos. Class B shares of financial group Abaco slid 25 centavos, or 10%, to 2.25 pesos. Bellwether Telefonos de Mexico's Class L shares settled unchanged at 12.48 pesos. Telmex American depositary receipts rose 3/8 to 33 in New York.
