| Index | Last | Chg | % Chg |
| DJ Industrials | 13517.96 | 44.06 | 0.33% |
| Nasdaq Comp | 2668.49 | -2.65 | -0.10% |
| S&P 500 | 1488.41 | 1.82 | 0.12% |
| DJ Wilshire 5K | 15000.47 | 6.5 | 0.04% |
| Russell 2000 | 769.46 | -2.25 | -0.29% |
| Nasdaq 100 | 2094.68 | -6.68 | -0.32% |
| Issues | NYSE | Nasdaq | Amex |
| Advancing | 1,110 | 1,223 | 390 |
| Declining | 2,163 | 1,754 | 827 |
| Unchanged | 76 | 140 | 109 |
| Total | 3,349 | 3,117 | 1,326 |
| New 52 Wk High | 32 | 26 | 18 |
| New 52 Wk Low | 164 | 148 | 55 |
| Total | 1,459,377,180 | 2,103,686,410 | 34,223,108 |
| Advancing | 524,610,630 | 875,849,679 | 10,235,400 |
| Declining | 918,524,750 | 1,209,404,541 | 22,898,930 |
| Unchanged | 16,241,800 | 18,432,190 | 1,088,778 |
| Futures | Last | Change |
| Crude Oil | 92.4 | -1.99 |
| Natural Gas, Mar. | 7.32 | -0.18 |
| Gold, Feb | 802.1 | -16.7 |
From Briefing.com:
| Moving the Market |  | Sector Watch |
| November core PPI higher than expected, raises some inflation concerns Retail sales stronger than expected, eases recession fears Weekly jobless claims fall, no sign of a business pullback in terms of layoffs | Strong: thrifts & mortgages; diversified chemicals; home entertainment software; fertilizer & agriculture chemicals; industrial gases; specialized finance; systems software; electric utilities; education services; trading companies Weak: biotech; specialty consumer services; industrial REITs; auto retail; diversified metals & mining; wireless services; specialty stores; human resources & employment services; hotels; home improvement retail |
On Thursday, the major indices erased early losses in a late day recovery to finish mixed. The Dow and S&P 500 eked out slight gains, while the Nasdaq Composite finished with a slight loss. There were a handful of economic reports that garnered the market's attention. Also, financials were once again in the spotlight. The financial (-0.5%) sector was the main laggard for the third straight day today, but did stage an impressive recovery off its intraday low (-2.9%) thanks to strength in the flagging thrifts & mortgages group (+3.6%). Lehman Brothers (LEH 61.37, -0.45) reported earnings that topped expectations, but its shares were still sent lower. Lehman's inability to make gains in the face of a better than expected earnings report represents the credibility gap the financial sector is currently facing. Of the six sectors that traded higher, utilities (+1.2%) and industrials (+0.8%) showed the most strength. In corporate news, shares of biotech company Biogen Idec (BIIB 57.91, -17.97) got clipped 24% after the company said it has not found a potential buyer after months of exploring a potential sale. Biogen played a large role in the Nasdaq's underperformance today. Today's economic data counter claims of recession, but also raise some inflation concerns. November PPI jumped 3.2%, the most since 1973, as energy prices surged 14.1%. The reading was well above the expected 1.5% gain, but the energy surge could prove temporary and even reverse some next month. The core rate was also up more than expected at 0.4% The data reflects the inflation issues that the Fed noted in their policy statement on Tuesday. The PPI data are not good news, but shouldn't be overstated either. CPI will be out tomorrow. Better news comes from the November retail sales report. Total sales were up a very strong 1.2%, which was two times more than economists expected. Excluding autos, the increase was 1.8%. Excluding gasoline sales, total retail sales were still up a strong 0.6%. These data are a long way from showing a consumer spending pullback that is the basis of most recession forecasts. Despite the better than expected retail data, the S&P Retailing Index (-1.1%) was a laggard today. Costco (COST 68.54, -1.65) weighed heavily on the index, even though the company reported earnings that were in-line with estimates. Analysts were unimpressed with the company's profit margin. Further good news on the economy comes from the drop in new claims for unemployment for the week ended Dec. 8 to 333,000 from 340,000 the week prior. Investors still expect a 25 basis point rate cut on Jan. 30, despite the increased inflation concerns and stronger than expected retail numbers. Fed funds futures suggest a 98% chance the Fed will cut by 25 basis points, which is, in effect, unchanged from yesterday. |
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