YAHOO [BRIEFING.COM]: Stocks
spent this morning stuck in listless trade, but they managed to settle with
decent gains after natural resource plays provided an afternoon lift.
Early trade was entirely
lackluster as participants processed the latest round of earnings results. Several
financial players posted results, but most attention was paid to Goldman
Sachs (GS 151.86, -1.92) and U.S. Bancorp (USB 25.25,
-0.31). Although both exceeded earnings expectations, each succumbed to
selling. Shares of GS only trimmed losses after they attracted support near the
$150 mark, which made for a multi-month low.
Texas Instruments (TXN 34.54, -0.25) was also clipped. News
of its earnings miss first broke last evening. In turn, semiconductor stocks in
Asia shared in the company's disappointment during overnight trade. The company
also made note during its conference call that earthquakes in Japan took their
toll on operations.
Data from abroad featured a
mixed bag of PMI Services and Manufacturing readings, but domestic data was
limited to monthly housing starts and building permits. Housing starts for
March improved to an annualized rate of 549,000, which is greater than the rate
of 520,000 units that had been broadly expected. Building permits improved to
an annualized rate of 594,000, which is greater than the 540,000 building
permit rate that had been forecasted, on average, by economists surveyed by
Briefing.com.
Building materials stocks
benefited from that news. They combined with steel stocks, which bounced on the
back of better-than-expected results from Steel Dynamics (STLD
18.46, +1.00), to drive the overall materials sector to a 1.8% gain.
Though not quite as
impressive, energy stocks scored a collective gain of 1.1%. Oil services stocks
were leaders in the energy space as they rebounded from the prior session's
slide.
Health care stocks and
industrial stocks weren't too far behind energy. Both sectors put together a
0.9% gain. Health care was led by Dow component Johnson & Johnson (JNJ
62.69, +2.23), which won strong support after it posted a better-than-expected
bottom line and issued an improved outlook. PACCAR (PCAR
52.19, +1.88) was a top performing industrial play after it reported its own
quarterly results.
June gold finished higher by
0.1% to $1494.20 per ounce, while May silver gained 2.1% to finish at $43.745
per ounce. Both metals rallied on a continued flight to safety over sovereign
debt concerns, strength in crude oil, as well as weakness in the dollar. Gold
rallied to a new all time high at $1500.05, while silver once again notched
fresh ~31 yr highs at $43.97.
June crude oil, the new front
month contract, finished higher by 0.4% to $108.24 per barrel. It recouped
overnight losses to finish with modest gains, helped by weakness in the dollar.
May natural gas finished higher by 3.1% to $4.26 per MMBtu, helped by cooler
than average temperatures across the country.
Advancing Sectors: Materials (+1.8%), Energy (+1.1%),
Health Care (+0.9%), Industrials (+0.9%), Tech (+0.4%),Financials (+0.4%),
Consumer Discretionary (+0.3%), Consumer Staples (+0.2%)
Unchanged: Utilities
Declining Sectors: Telecom (-0.1%)DJ30 +65.16 NASDAQ +9.59
NQ100 +0.6% R2K +0.2% SP400 +0.5% SP500 +7.48 NASDAQ Adv/Vol/Dec 1304/1.67
bln/1278 NYSE Adv/Vol/Dec 2006/847 mln/980