| Index | Last | Chg | % Chg |
| DJ Industrials | 13232.47 | 65.27 | 0.50% |
| Nasdaq Comp | 2596.03 | 21.57 | 0.84% |
| S&P 500 | 1454.98 | 9.08 | 0.63% |
| DJ Wilshire 5K | 14651.16 | 96.08 | 0.66% |
| Russell 2000 | 754.06 | 15 | 2.03% |
| Nasdaq 100 | 2029.49 | 8.69 | 0.43% |
| Issues | NYSE | Nasdaq | Amex |
| Advancing | 2,068 | 1,823 | 690 |
| Declining | 1,234 | 1,202 | 570 |
| Unchanged | 75 | 113 | 105 |
| Total | 3,377 | 3,138 | 1,365 |
| | | | |
| New 52 Wk High | 20 | 14 | 14 |
| New 52 Wk Low | 372 | 278 | 102 |
| | | | |
| Total | 1,489,914,900 | 1,985,172,020 | 39,574,523 |
| Advancing | 970,863,680 | 1,338,228,080 | 22,561,175 |
| Declining | 496,899,240 | 614,975,661 | 14,721,348 |
| Unchanged | 22,151,980 | 31,968,279 | 2,292,000 |
| Futures | Last | Change |
| Crude Oil | 90.41 | 0.33 |
| Natural Gas, Mar | 7.37 | 0.05 |
| Gold, Feb | 806.2 | -1.2 |
From Briefing.com
| Moving the Market |  | Sector Watch |
| European Central Bank is injecting $500 bln into the banking system in attempt to improve liquidity Adobe, Best Buy and Goldman Sachs top earnings expectations Housing starts and building permits fall, but are in line with expectations Bargain hunting bid with S&P down 5.8% at its low from the intraday high it hit just a week ago | Strong: specialty consumer services; thrifts & mortgages; office REITs; industrial gases; environmental services; IT consulting & services; residential REITs; health care facilities; gold; multiline insurance Weak: investment banks & brokerages; industrial REITs; apparel & accessories; education services; other div. finl. services |
It was a seesaw trade on Tuesday as the market traded down in the morning and then traded up in the afternoon. If anything, that was the opposite of what market watchers might have expected when taking stock of the positive developments before the open and the market's propensity of late to close trading sessions on a weak note. Despite the negative trend in the first half of the day, it should be noted that the market did start the session on a higher note. The positive move followed a favorable trade in the futures market, which was driven by news of a whopping $500 billion cash injection into the banking system by the European Central Bank, better than expected earnings reports from Goldman Sachs (GS 201.51, -7.12), Best Buy (BBY 51.62, +0.48) and Adobe Systems (ADBE 42.03, +1.13), and a Housing Starts report for November that wasn't as bad as feared. Those good vibes quickly disappeared, however, when the stocks of both Goldman Sachs and Best Buy rolled over amid concerns about the companies' near-term outlook. The sight of those stocks giving up early gains sparked a disappointment trade that carried the indices well into negative territory. At their lows for the day, which were reached around 12:00 ET, the Dow, Nasdaq and S&P were down 75, 20 and 10 points, respectively. For the S&P its low marked a 5.8% decline from the intraday high it reached just a week ago. Sensing that the market had gotten oversold on a short-term basis, buyers returned to the action and drove the indices back into positive territory with broad-based buying interest that favored small-cap stocks. The financial sector (+0.1%) helped lead the turn, although it trailed the broader market as the weak showing from Goldman Sachs and the investment banks weighed on its performance. Best Buy managed to get things turned around in the afternoon rally to finish with a modest gain for the day. Its positive showing contributed to a solid 1.4% gain in the S&P Retailing Index which, in turn, underpinned the gain seen in the consumer discretionary sector (+0.9%). News that General Motors (GM 26.93, +0.54) and the UAW reached agreement on the first phase of an employee buyout plan that will reduce GM's compensation expense also contributed to the sector's outperformance. All 10 economic sectors closed higher today with the income-oriented utilities sector (+1.5%) leading the pack. The energy sector (+1.4%) followed close behind, having garnered a bargain hunting bid with the sector down 4.2% at its low today from the intraday high it reached last Thursday. Separately, the Housing Starts report showed a 3.7% decline in starts to an annualized rate of 1.187 million units (consensus 1.176 mln) and a 1.5% decline in building permits to an annualized rate of 1.15 million (consensus 1.15 mln). The data reflected a continued weak housing market, but because they were largely in line with expectations, they didn't have much bearing on today's proceedings. |
No comments:
Post a Comment