YAHOO [BRIEFING.COM]: Stocks
finished the week with modest gains, with the S&P 500 closing up 0.4% ahead
of the long holiday weekend. It was a quiet afternoon, but this morning, stocks
shrugged off a mixed batch of data to put in modest gains during the first half
of the session. Participants digested news that during April consumer spending
increased by 0.4% while incomes increased by 0.4%. Both were on level with what
had been expected. The final Consumer Sentiment Survey for May from the
University of Michigan came in at 74.3, which is better than what had been
expected. Pending home sales for April plummeted a much sharper-than-expected
11.6%.
Materials stocks were the strongest sector today, helped by strength among
metals and mining plays. Financials also caught a nice bid, with bank stocks
bouncing following positive analyst commentary on many European banks and a
proposal in Basel III for more favorable requirements for banks. Health care
stocks and utilities were laggards. Medco Health Solutions (MHS 58.66, -5.78)
has been a heavy drag on the health care space amid news that the company lost
a contract with Blue Cross Blue Shield to CVS (CVS 38.80, +0.65).
A weak dollar helped the
precious metals close higher today. June gold rallied for 0.9% to close at
$1535.70 per ounce, while July silver ended up 1.4% to $37.84 per ounce. Gold
traded to highs, at $1538.50, in morning trade but pulled back from those
levels heading into the close of pit trade.
July crude oil finished higher
by 0.4% to $100.59 per barrel ahead of the long weekend. This morning's
worse-than-expected econ data caused crude oil to give back most of its gains
from the overnight session. July natural gas rallied for 3.6% to close at $4.51
per MMBtu.
Although the pace of trade has been sluggish in recent months, today's action
has been especially subdued. This afternoon's trade was confined to a tight
range, as volume dried up ahead of the long weekend -- as a reminder, U.S.
markets will be closed on Monday in observance of Memorial Day.DJ30 +38.97
NASDAQ +13.94 SP500 +5.42 NASDAQ Adv/Vol/Dec 1600/1476.8 mln/948 NYSE
Adv/Vol/Dec 2182/527.2 mln/778