YAHOO [BRIEFING.COM]: Tech
helped lead the Nasdaq to a strong gain, but the broader market finished only
fractionally above the flat line.
Participants opted to take a
breather after the aggressive bout of buying in the prior session. Action was
also subdued as participants awaited the EFSF vote by Slovakia and traders
showed continued concern about the specter of a default by Greece, despite the
Troika's decision to make another disbursement of financial aid to flagging
country.
A lack of enthusiasm in Europe
also left the euro to drift lower. It eventually rebounded against the
greenback to end the day with a marginal gain at $1.364.
The Nasdaq scored another
solid gain with help from the tech sector, which ended the day with a 0.6%
gain. That has the tech-rich Index at a 10-day high.
Alcoa (AA 10.30, +0.21) offered leadership to
the Dow ahead of its latest quarterly report, which unofficially marks the
start of earnings season, but the blue chip average stayed close to the flat
line all session. The broad-based S&P 500 did the same.
Treasuries stayed under heavy
pressure all session. That took the yield on the benchmark 10-year Note is up
to almost 2.20%. Since the U.S. bond market was closed yesterday in observance
of Columbus Day, Treasuries were left to price in the stock market's prior
session surge, which was actually its best single-day jump since August. They
didn't really benefit from results of a $32 billion auction of 3-year Notes.
The auction drew a yield of 0.544% on a bid-to-cover ratio of 3.30. The indirect
bidder participation rate came in at almost 38%.
It was a quiet session for the
precious metals, as the markets continued to wait for the EFSF vote in
Slovakia, the final and maybe most contested of the 17 EU members. Gold ended
lower by 0.5% at $1661 per ounce, while silver finished up 0.3% at $32 per
ounce.
Crude oil futures, which ended
higher by 0.5% at $85.81 per barrel, also had a relatively quiet session.
Futures were able to recoup overnight losses after the dollar gave up earlier
gains. They traded to $86.64 in afternoon trade, but pulled back from those
highs heading into the close. Natural gas ended up 1.9% at $3.61 per MMBtu.
Advancing Sectors: Tech +0.6%, Industrials +0.4%, Consumer
Discretionary +0.3%, Materials +0.2%, Energy +0.1%
Declining Sectors: Financials -0.1%, Consumer Staples -0.2%,
Health Care -0.4%, Telecom -1.0%, Utilities -1.1%DJ30 -16.88 NASDAQ +16.98
NQ100 +0.7% R2K +0.6% SP400 +0.1% SP500 +0.65 NASDAQ Adv/Vol/Dec 1527/1.66
bln/994 NYSE Adv/Vol/Dec 1666/882 mln/1320