YAHOO [BRIEFING.COM]: Despite
choppy trade, stocks scored strong gains today. The effort made for the
market's first back-to-back advance of the month.
Caution related to precarious
fiscal and financial conditions in Europe initially kept stocks in check this
morning, but before long bank stocks and other financial issues began to
bounce, providing an impetus for the broad market to make its way higher.
Although the move encountered challenges from sellers, stocks showed resilience
by staging a gradual climb to close near session highs. Stocks were helped by
headlines that suggested BRIC countries are in talks to purchase eurozone debt.
For the second straight
session the Nasdaq outperformed its counterparts. Its strength came as
semiconductor stocks extended their prior session climb, taking the
Philadelphia Semiconductor Index 2% higher to its best level in one month.
Broad buying among commodities
helped the CRB Commodity Index climb to a 0.5% gain. It is up only 0.9% this
year, though.
Among its more widely watched
components, oil was a top performer today. Futures contract prices closed with
the commodity priced 2.3% higher at $90.21 per barrel. Elsewhere in the energy
complex, natural gas prices scored a 2.6% gain by settling pit trade at $3.98
per MMBtu.
Precious metals performed
well, too. Specifically, gold prices gained 0.9% to close pit trade at $1830
per ounce. Meanwhile, silver settled at $41.19 per ounce for an even stronger
gain of 2.4%.
Industrial stocks were the
best performers in the broad market. As a group, they climbed 1.9%. Energy
stocks and consumer staples stocks lagged all session. The two sectors settled
with gains of 0.3% and 0.2%, respectively. Best Buy (BBY 23.35, -1.61) was one of the poorest
individual names following disappointing quarterly earnings results, which
caused many analysts to reconsider the retailer's business structure. DJ30
+44.73 NASDAQ +37.06 NQ100 1.3% R2K 1.8% SP400 1.5% SP500 +10.60 NASDAQ
Adv/Vol/Dec 1932/1.93 bln/609 NYSE Adv/Vol/Dec 2337/1.07 bln/687