| Index | Last | Chg | % Chg |
| DJ Industrials | 13176.79 | 66.74 | 0.51% |
| Nasdaq Comp | 2637.24 | 18.73 | 0.72% |
| S&P 500 | 1458.74 | 7.59 | 0.52% |
| DJ Wilshire 5K | 14727.28 | 63.37 | 0.43% |
| Russell 2000 | 769.5 | -2.1 | -0.27% |
| Nasdaq 100 | 2048.62 | 24.59 | 1.21% |
| Issues | NYSE | Nasdaq | Amex |
| Advancing | 1,473 | 1,365 | 562 |
| Declining | 1,797 | 1,594 | 643 |
| Unchanged | 101 | 144 | 99 |
| Total | 3,371 | 3,103 | 1,304 |
| New 52 Week High | 37 | 16 | 20 |
| New 52 Week Low | 338 | 203 | 96 |
| Total | 1,758,186,880 | 2,469,705,213 | 42,338,190 |
| Advancing | 914,559,150 | 1,463,984,912 | 18,851,600 |
| Declining | 812,378,830 | 979,788,321 | 18,512,890 |
| Unchanged | 31,248,900 | 25,931,980 | 4,973,700 |
| Futures | Last | Chg |
| Crude Oil | 94.54 | 0.7 |
| Natural Gas, Jan | 8.44 | 0.092 |
| Gold, Dec. | 792.6 | 5.6 |
Weekly Changes:
| Index | 1W % Chg | 2W % Chg |
| DJ Industrials | 1.03% | -3.08% |
| Nasdaq Comp | 0.35% | -6.16% |
| S&P 500 | 0.35% | -3.37% |
| DJ Wilshire 5K | 0.12% | -3.55% |
| Russell 2000 | -0.37% | -3.54% |
| Nasdaq 100 | 0.70% | -7.46% |
From Briefing.com:
| Moving the Market |  | Sector Watch |
| Goldman Sachs sees $2 trillion cut in lending, triggering the risk of a "substantial recession" FedEx lowers Q2, FY07 earnings guidance citing higher fuel costs October industrial production declines by 0.5% (+0.1% consensus) Rising crude oil prices | Strong: electronic equipment mfg; education services; electronic mfg. services; distillers & vintners; personal products; consumer electronics; oil & gas services; agricultural products; oil drilling; multi-sector holdings Weak: trucking; thrifts & mortgage; photo products; homebuilding; div. banks; air freight; office REITs; general merchandise; auto; auto retail |
The negative headlines outweighed the positive headlines on Friday, but thanks to a late burst of buying interest the market still managed to end the session higher. In terms of the positive news on Friday, it was limited primarily to Cisco's (CSCO 29.94, +0.64) announcement that its board had authorized an additional $10 billion for stock repurchases, bringing the total authorization for the buyback plan to a whopping $62 billion. This news understandably provided a boost to Cisco's stock that contributed to the relative outperformance of the Nasdaq, as well as the technology sector (+1.4%). A Morgan Stanley upgrade of Hewlett-Packard (HPQ 50.75, +1.85) to Overweight from Equal Weight also stood out as a positive focal point that helped the broader market. The rest of the notable headlines weren't so uplifting for market participants. Fed Governor Kroszner delivered a tacit message that the market shouldn't count on a rate cut at the next FOMC meeting when, according to Bloomberg.com, he stated in a speech that, "the current stance of monetary policy should help the economy get through the rough patch during the next year." Kroszner's remarks hit the wires shortly before it was reported Industrial Production declined 0.5% in October versus a 0.1% increase in September. His remarks also came before FedEx (FDX 96.80, -4.57) issued an earnings warning for its fiscal second quarter and full year, citing an inability to keep pace with rising fuel costs and continued weakness in its less-than-truckload business. The FedEx warning, and similarly cautious comments on the less-than-truckload freight environment from YRC Worldwide (YRCW 17.59, -2.52), derailed the transportation stocks which comprised the main pocket of weakness in Friday's market. A 1.8% jump in crude prices to $95.10 didn't help the transportation sector's fortunes either. Similarly, there was a stream of negative news from several well-known retailers that included Starbucks (SBUX 23.17, -0.93), Kohl's (KSS 49.68, +0.76) and Ann Taylor (ANN 32.47, +1.08). Although each of those companies managed to meet, or beat, third quarter earnings expectations, they all issued warnings for their fiscal year making note of the challenging economic environment. Their cautious guidance was not a surprise in many respects, so their stock prices held up better than one might imagine. The S&P Retailing Index slipped just 0.2% for the day. Despite the market's positive showing, there was a glaring absence in the move. The financial sector (-0.8%), once again, lost ground on continued concerns regarding major financial institutions' exposure to the mortgage market. A report from a Goldman Sachs economist that suggested losses could ultimately translate into a $2 trillion cut in lending set the tone for the sector, which spent the vast majority of Friday's trading in negative territory. Fannie Mae (FNM 40.69, -2.35), which held a call to answer questions about its accounting practices after some worrisome allegations leveled in a Fortune magazine article, was a notable laggard. At the end of the day, the financial and industrials (-0.04%) sectors were the only economic sectors that failed to record a gain. Energy (+1.7%) led the list of winners, followed by technology and consumer staples (+1.1%). |
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