YAHOO [BRIEFING.COM]: The
stock market slipped to the neutral line in the early going, but then climbed
steadily to finish at a session high with a gain of more than 3%.
Buying interest ahead of the
open was bolstered by the robust gains staged abroad, especially in Europe,
where the action of the major bourses continues to be regarded as an indicator
of confidence in the region's fundamental make-up and macro environment. That
said, traders there responded positively to what was actually a relatively
mixed batch of economic data, giving the EuroStoxx 50 a 1% gain.
Support at home faded in the
first few minutes of trade, though. That left the S&P 500 to slip to the
neutral line, but stocks were able to secure support there, just as they did in
the prior session. The implied floor encouraged buyers to step back in.
Conviction among buyers seemed
to increase once financials joined in the effort. The sector had been hampered
by renewed selling pressure against diversified banks and financial services
stocks, but even that group eventually garnered support. As a result, the
financial sector settled with a gain of more than 3%.
A little past the midway
point, stocks slipped amid knee-jerk selling that came in response to reports
that government buildings were evacuated following an earthquake in the area.
Once it was learned that there weren't any immediate damages of great
consequence, stocks were able to resume their upward march, which continued
into the close so that stocks settled more than 3% higher.
Energy stocks were the
strongest performers overall. As a group they gained more than 4%, led by a mix
of oil and gas services players and refiners that rebounded from the prior
session's slip.
Names like Google (GOOG
518.82, +20.65) and Apple (AAPL 373.60, +17.16) also
outperformed. Their strength helped the Nasdaq Composite edge out its
counterparts.
Even before stocks had started
their ascent, gold prices were on the retreat following a new all-time high in
overnight action. The precious metal climbed as high as $1917.90 per ounce, but
ultimately settled with a 1.4% loss at $1863.50 per ounce.
Treasuries didn't make much of
a move lower until late in the day. Results from an auction of 2-year Notes
indicated strong demand. Specifically, the auction drew a bid-to-cover of 3.44,
dollar demand of $120.4 billion, and an indirect bidder participation rate of
31.6%. The prior auction produced a bid-to-cover of 3.14, dollar demand of
$109.9 billion, and an indirect bidder rate of 27.7%.
The rally in equities helped
Oct crude oil close higher by 1.2% to $85.44 per barrel today. Futures traded
to their lowest levels, at $83.40, following the open of pit trade, but managed
to rally off those lows to trade back in positive territory. They put in
session highs, at $86.39, in mid-morning trade and finished about a point off
those levels. Sept natural gas ended higher by 2.6% to $3.99 per MMBtu. A late
rally in futures was spurred by news of an earthquake on the east coast.
After trading to a new
all-time high, at $1917.90, in overnight trade, it was all down hill for Dec
gold --which settled lower by 1.4% to $1863.50. The rally in equities pressured
both gold and silver today. Gold futures have extended their sell-off in
afterhours trade, notching fresh lows at $1833. Sept silver settled lower by 2%
to $42.43 per ounce, and like gold it has extended its move lower in afterhours
trade.
Advancing Sectors: Energy +4.6%, Tech +3.9%, Consumer
Discretionary +3.8%, Industrials +3.5%, Materials +3.4%, Financials +3.2%,
Health Care +3.2%, Telecom +2.6%, Consumer Staples +2.2%, Utilities +1.8%
Declining Sectors: (None)DJ30 +322.11 NASDAQ +100.68 NQ100
+4.1% R2K +4.9% SP400 +4.1% SP500 +38.53 NASDAQ Adv/Vol/Dec 2155/2.14 bln/458
NYSE Adv/Vol/Dec 2587/1.24 bln/467