YAHOO [BRIEFING.COM]: A deluge
of data failed to inspire buyers to build on the prior session's two-year
closing high. Instead, the major equity averages fell modestly.
Stocks stretched in the prior
session so that the S&P 500 came within reach of the 100% gain level from
its 2009 low, but participants were generally inclined to sell today. As such,
energy and materials plays, which had been leaders in the prior session,
succumbed to profit taking. Both sectors logged losses of 1.1%.
Overall pressure was more
mild, but utilities (+0.3%) and consumer discretionary stocks (+0.1%) were the
only two sectors to score gains. The discretionary space was helped by Marriott
(MAR 41.46, +0.46), which reported a better-than-expected bottom line,
but issued a mixed outlook.
In other corporate news, Marsh
& McLennan (MMC 30.23, +1.36) posted an upside surprise of its
own. That helped its shares surge. FedEx (FDX 95.98, +1.99)
trimmed its forecast. That was widely forgiven because the revision stemmed
from the impact of weather, although higher fuel prices also played a part.
In the latest merger news, NYSE
Euronext (NYX 38.12, -1.33) and Deutsche Boerse confirmed that they
will combine.
Despite those announcements,
data was the theme of the day. Among the more widely watched reports, advance
retail sales and sales less autos both increased by 0.3% in January. Economists
polled by Briefing.com had expected, on average, increases of 0.5% and 0.6%,
respectively. The retail sales picture was further imbued by news that figures
for the prior month were revised downward.
The Empire Manufacturing
Survey for February came in at 15.4. That was up from the 11.9 posted for the
prior month, but in line with the 15.5 consensus call published by
Briefing.com.
Import prices for January
increased 1.5% month over month, Net Treasury International Capital Flows
increased to $48.2 billion in December from $35.6 billion in the prior month,
and business inventories for December increased 0.8%. Those reports were
assigned secondary status, though.
As for overseas data, China's
CPI increased by 4.9% in January. Though that marked an acceleration from the
4.6% increase in December, it wasn't as bad as what had been widely feared.
Still, China's PPI for January spiked an even sharper 6.6% after a 5.9%
increase in the prior month. Japan reported that its industrial production
increased 3.3% during December. The country's central bank also upgraded its
economic outlook, but made no change to its key interest rate.
In Europe, France and Germany
both reported that their fourth quarter GDP grew 0.4%, but eurozone GDP
expanded at a slower 0.3% in the fourth quarter. The eurozone ZEW Survey for
February improved to 29.5 from 25.4 in January, but Germany's February ZEW made
a more modest improvement to 15.7 from 15.4 from the prior month. Consumer
prices heated up even further in the United Kingdom with a 4.0% increase in
January after a 3.7% increase in December. That report helped drive the British
pound higher against the greenback.
Although the pound gained
ground against the dollar, the Dollar Index managed to finish the trading
session flat as the dollar advanced against the yen. The Dollar Index just set
a three-week high in the prior session.
Commodities were mixed today,
with industrials (+0.9%), precious metals (+0.8%), and livestock (+0.1%) all
finishing higher and grains (-2.3%), softs (-0.8%), and energy (-0.6%) closing
lower.
May wheat shed 3.5% to close
at $8.72 per bushel, while May soybeans ended off 2.5% to $13.81 per bushel.
Profit taking from recent rallies weighed on ag prices today.
Inflation concerns, following
CPI data from China and Britain, supported the precious metals today. April
gold ended higher by 0.6% to $1374.10 per ounce, while March silver finished up
0.6% to $30.70 per ounce.
March crude oil finished lower
by 0.6% to $84.32 per barrel. Prices traded to their lowest levels since Nov
30. March natural gas ended higher by 0.9% to $3.97 per MMBtu.
Advancing Sectors: Utilities (+0.3%), Consumer
Discretionary (+0.1%)
Unchanged: Consumer Staples
Declining Sectors: Health Care (-0.1%), Financials (-0.2%),
Telecom (-0.3%), Industrials (-0.3%), Tech (-0.5%), Energy (-1.1%), Materials
(-1.1%)DJ30 -41.55 NASDAQ -12.83 NQ100 -0.2% R2K -0.7% SP400 -0.5% SP500 -4.31
NASDAQ Adv/Vol/Dec 1007/2.01 bln/1627 NYSE Adv/Vol/Dec 1131/927 mln/1828