S&P 500 closes at record high, Feb. 9-13

A ceasefire between Ukrainian forces and pro-Russian separatists combined with a slight bump in oil prices, apparent progress on a debt deal with Greece and higher-than-expected 0.7% fourth-quarter growth in Germany combined to help push U.S. stocks higher. The S&P 500 Index closed at a record high of 2,096.99 — marking a 2% gain — while the Dow Jones Industrial Average advanced 1.1% to 18,019.35, and the Nasdaq Composite Index rose 3.2% to finish at 4,893.84. The gold spot price closed at US$1,227.90 per oz., down US$5.40 per oz., while the Philadelphia Gold & Silver Index climbed 0.3% to 77.12.

Agrium surged US$3.55 to US$108.58 per share on no company-related news, while Mosaic’s shares climbed US$2.63 to US$52.33 per share. Mosaic reported net earnings in the fourth quarter of US$361 million, compared to US$129 million in the fourth quarter of 2013. Earnings per diluted share in the quarter reached US97¢, up from US30¢ per share year-on-year. Mosaic’s net sales in the fourth quarter were US$2.4 billion, up from US$2.2 billion last year. As of Dec. 31, the company’s total cash and equivalents came in at US$2.4 billion, with long-term debt of US$3.8 billion. 

Mosaic’s annual net income reached US$1 billion, or US$2.68 per diluted share, compared with US$1.1 billion, or US$2.49 per share in 2013. Net sales reached US$9.1 billion, up from US$9 billion in 2013. Full-year operating earnings came in at $1.3 billion, flat with last year, as higher sales for both phosphate and potash, combined with lower potash operating costs, were offset by lower realized potash prices. 

Shares of diversified miners Rio Tinto and BHP Billiton also advanced. Rio Tinto gained US$3.13 to US$49.37 per share. On Feb. 12, the miner reported underlying 2014 earnings of US$9.3 billion, down 9% from 2013, while net cash from operations fell 5% to US$14.3 billion in 2014. Rio Tinto also cut its net debt by 31% to US$12.5 billion.

Shares of BHP Billiton climbed US$2.90 to US$51.19, despite a January electrical failure at its Svedala mill at the Olympic Dam in South Australia. Management expects full production by October.