YAHOO [BRIEFING.COM]: Strong
earnings and a slide in the dollar sent stocks to fresh five-month highs this
session. Some of the gains were surrendered into the close, though.
Buying was initially stirred
by better-than-expected earnings from bellwethers Intel (INTC
19.24, -0.53) and JPMorgan Chase (JPM 39.84, -0.56). Though
neither name actually advanced, their announcements were enough to add to the
stock market's recent momentum, which has seen the S&P 500 close higher for
four straight sessions.
JPM wasn't the only name that
was rejected among banks. Their general weakness left the financial sector to
finish flat.
Tech (+0.9%) was actually led
by Apple (AAPL 300.14, +1.60), which broke above the $300 mark
to set a record high.
Rail carrier CSX Corp (CSX
59.66, +2.40) was one of the session's best performers, thanks to an upside
earnings surprise of its own. The stock's strength helped the industrials
sector advance 1.5%, but materials stocks advanced 1.7% to book the biggest
gain of any sector.
Basic materials stocks, as
well as the broader market, were helped by renewed weakness in the dollar. The
dollar dipped 0.4% to test its eight-month lows.
Weakness in the dollar and a
broadly positive mood among traders sent the CRB Commodity Index to a new
two-year high. The CRB finished with a 0.6% gain, about half of what it had
sported at its session high.
Positive market breadth had
taken the Volatility Index (VIX) down to its lowest level since April, but the
VIX rebounded as stocks drifted lower into the close.
Though stocks finished off of
their session highs, advancing issues still outnumbered advancers by 4-to-1 in
the S&P 500. Share volume was also strong, in that nearly 1.3 billion
shares were traded on the NYSE today. Outside of the final session of the third
quarter, today's total is the greatest of the past month.
Treasuries retraced their
slide as stocks eased lower into the close. In turn, the benchmark 10-year Note
finished a few ticks for the better even though dollar demand at a $21 billion
auction of 10-year Notes was the lowest since December 2009.
The CRB Commodity Index ended
the session with a 0.6% gain, about half of what it had sported at its session
high. The CRB's best level of the day also made for a fresh two-year high.
Precious metals prices pushed
sharply higher. The continuous gold contract hit a new record of $1374 per
ounce before pit traded ended with gold priced at $1370.50 per ounce with a
1.8% gain. Silver prices set a fresh 30-year high at $23.98 per ounce before they
settled with a 3.4% gain at $23.93 per ounce.
As for energy, oil prices
finished the day at $83.01 per barrel with a 1.6% gain. Natural gas prices
climbed 1.9% to $3.70 per MMBtu.
Advancing Sectors: Materials (+1.7%), Industrials (+1.5%),
Energy (+1.1%), Tech (+0.9%), Consumer Staples (+0.8%), Health Care (+0.7%),
Utilities (+0.3%), Consumer Discretionary (+0.2%)
Declining Sectors: Telecom (-0.1%)
Unchanged: FinancialsDJ30 +75.68 NASDAQ +23.31 SP500 +8.33
NASDAQ Adv/Vol/Dec 1946/2.31 bln/707 NYSE Adv/Vol/Dec 2289/1.27 bln/712