YAHOO[BRIEFING.COM]: The major
indices traded sideways in choppy action for the entire session. Share volume
was light as traders turned apathetic ahead of the long weekend.
Without any official
governmental data and a dearth of corporate headlines, market participants
found little reason to jump in or out of stocks. That meant for a quiet
session.
Though the mood was subdued
and stocks finished the session flat, many view the session positively since
stocks held steady in the wake of the prior session's rally. That rally was
spurred by word the Obama administration has a plan to help stem foreclosures;
Dow Jones announced today that the plan will be unveiled Wednesday.
Still, it is recognized that
the plan won't provide an immediate cure for the broader financial system. That
put financial stocks back under pressure. The sector finished the session 4.2%
lower, and 10.2% lower for the week. Banks remain some of the weakest
performing industries in the sector.
Every major sector in the
S&P 500 closed the session lower. They were all down for the week, too.
Earnings announcements were
light this morning and had little impact on the overall market. PepsiCo's (PEP 52.52, +0.52) posted in-line
earnings, while Abercrombie & Fitch (ANF 22.78, +2.08) topped the consensus
estimates.
Investors also remain largely
unimpressed by the revised $787 billion economic stimulus plan, which was
approved the House of Representatives today. It now goes to the Senate for
vote.
Trading volume was below
recent averages, totaling just 1.2 billion shares on the NYSE. Volume actually
picked up in the final minutes of trading, which coincided with a late selling
effort that took stocks close to their session lows. Still, the overall lack of
trading volume suggests many traders were sitting on the sidelines and will be
analyzing market sentiment over the long weekend -- U.S. markets are closed
Monday in observance of Presidents Day.
Despite a lack of conviction
in the broader market, crude oil futures garnered considerable interest. Crude
was able to break its losing streak by surging more than 10% to $37.45 per
barrel. Losses earlier in the week left crude prices 5.6% lower for the week,
though.DJ30 -82.35 NASDAQ -7.35 NQ100 -0.5% R2K -0.5% SP400 -0.8% SP500 -8.35
NASDAQ Adv/Vol/Dec 1254/2.01 bln/1411 NYSE Adv/Vol/Dec 1160/1.24 bln/1854