YAHOO [BRIEFING.COM]: The
major market averages closed up between the Nasdaq's +0.3% and the S&P's
+0.5%. Stocks got off to a slow start, but pushed higher throughout most of the
session following a better-than-expected July wholesale inventories report.
Today's gains marked the sixth time in seven September sessions that the major
indices have recorded gains.
Energy stocks led throughout most of the session, closing higher by 1.0%.
Shares of BP (BP 38.22, +0.20) lagged the energy sector as the company
announced it has delayed the release of its third quarter earnings results
until November 2, which is one week after they had previously planned to post
results.
Consumer discrectionary stocks were among the best performers with the sector
seeing a boost from Viacom (VIA 37.91, +0.97), McGraw-Hill (MHP 30.25, +0.87), Sears Holdings (SHLD 66.80, +1.89), and Goodyear Tire (GT 10.36, +0.25).
Athletic wear stocks were boosted by strong top and bottom line results from Lululemon Athletica (LULU 40.59, +4.74) which surged 13.2%.
Other stocks in the space seeing gains were Under Armour (UA 39.89, +0.29), Gildan Activewear (GIL 28.50, +0.12), and V.F. Corporation (VFC 75.47, +0.40).
The utilities sector was the weakest performer as PG&E (PCG 44.17, -4.07) shares were hit hard
following last night's explosion and fire in San Bruno, California. Other
utilities laggards included Dominion Resources (D 43.31, -0.63), Public Service
Enterprise (PEG
31.89, -0.47), and Edison International (EIX 34.38, -0.31).
Downside guidance from National Semiconductors (NSM 12.07, -0.83) combined with a
narrowed third quarter outlook for Texas Instruments (TXN 23.72, -0.12) weighed on the
semiconductor sector as the Philadelphia Semiconductor Index slid 1.3%.
Volume was once again light as only 754 million shares changed hands on the
floor of the NYSE.
Treasuries remained under pressure as a lack of market moving economic data all
week long benefited stocks, and sent treasuries lower. The 10-yr yield finished
the week at 2.790%, up from last week's settlement of 2.706%.
The CRB Commodity Index
finished 0.7% higher with 11 of the 19 CRB components in negative territory.
The top three performers were in the energy sector.
Dec corn futures gained 1.7% today, closing at $4.7875 following bullish data
from the USDA this morning. Dec wheat closed 0.2% higher at $7.395, while Nov
soybeans ended 1.3% lower at $10.3275.
Oct crude oil futures closed higher by 2.5% to $76.45 per barrel, after
trending higher all session. Highs of $76.59 per barrel were put in late in the
session, which is where the energy component closed today.
Oct natural gas closed down 1.4% to $3.88 and had a similar pattern as crude
today. Natural gas began to rally about an hour before pit trading began and
this continued until it hit session highs of $3.94 per MMBtu. By the end of the
day, natural gas finished just under this level.
Precious metals finished the day modestly lower. . Dec silver closed lower by
0.5% to $19.84 per ounce, but it just under its 26 months high. Dec gold ended
lower by 0.2% to $1248.00 per ounce after a somewhat volatile session. Gols
fell sharply around the open, hitting session lows of $1237.90 per ounce. The
precious metal recovered back into positive territory, but once again couldn't
hold it gains.
Advancing Sectors: Energy (+1.0%), Health Care (+0.9%), Consumer Discretionary
(+0.9%), Industrials (+0.7%), Materials (+0.7%), Consumer Staples (+0.6%),
Telecom (+0.2%), Financials (+0.1%), Tech (+0.1%)
Declining Sectors: Utilities (-0.5%) DJ30 +47.53 NASDAQ +6.28 SP500 +5.37
NASDAQ Adv/Vol/Dec 1402/1.70 bln/1155 NYSE Adv/Vol/Dec 1922/754.8 mln/1049