YAHOO [BRIEFING.COM]: Stocks
spent the better part of the session bobbing along the neutral line before a
bout of buying interest induced a broad market bounce, but that move was
ultimately countered by sellers.
An absence of economic data
and material corporate announcement kept stocks close to the flat line for most
of the session, at least until word surfaced that officials in Europe are
considering an increase in the size of proposed firewalls. Stocks responded to
the report by bouncing to a solid gain.
However, a lack of leadership
left stocks unable to resist the late efforts of sellers, who were successful
in sending the broad market back near the neutral line. The Dow did manage to
hold on for a modest gain, thanks to strength among a few blue chips. The
Nasdaq ultimately settled in the red after it had lagged all session.
Neither the dollar nor the
euro did much today. As such, both finished flat.
Commodities managed to
overcome early weakness, resulting in a 0.2% gain for the CRB Index. Silver led
the effort by rallying to just above $32.75 per ounce for a gain greater than
1% after the precious metal had been down about 2% in early pit trade.
The lack of trading catalysts
kept many on the sidelines, resulting paltry trading volume. Participation is
likely to remain depressed tomorrow, given that the economic calendar remains
without meaningful data. That will likely keep many focused on an upcoming
announcement from the European Central Bank and the outcome of a eurozone
summit.
It was a relatively quiet
session for commodities today, although precious metals rallied throughout the
latter portion of the session, recouping morning losses in the process. Gold,
which ended lower by 0.2% at $1730.90 per ounce, came just shy of the unchanged
mark and its session high of $1732.50. Silver futures, which closed a dime shy
of its session high with a 1.2% gain at $32.77 per ounce, pushed into positive
territory after they had been down about 2% this morning.
Crude oil closed up 0.3% at
$101.28 per barrel after the energy component erased modest morning losses.
Natural gas booked a 0.2% gain by finishing at $3.48 per MMBtu, shy of its
session high of $3.51 per MMBtu, after fighting through morning selling
pressure.
Advancing Sectors: Materials +0.8%, Health Care +0.5%,
Telecom +0.3%, Consumer Staples +0.2%, Utilities +0.2%, Industrials +0.2%,
Energy +0.1%
Unchanged: Tech
Declining Sectors: Financials -0.1%, Consumer Discretionary
-0.2%DJ30 +52.30 NASDAQ -6.20 NQ100 -0.2% R2K +0.00% SP400 -0.3% SP500 +1.39
NASDAQ Adv/Vol/Dec 1094/1.49 bln/1409 NYSE Adv/Vol/Dec 1505/802 mln/1488