YAHOO [BRIEFING.COM]: Stocks
finished at session highs in their best single-session percentage advance in
three months as buyers returned from an extended weekend to offer stocks
broad-based support.
Nearly 95% of the names in the
S&P 500 booked gains this session, but the strongest moves were made by
energy plays, which advanced a collective 2.7%. The move was helped by a 3.9%
spike in crude oil prices, which settled pit trade at $77.01 per barrel.
Oil helped the CRB Commodity
Index extend its gains from last week by another 2.6%, which marks the CRB's
best single-session gain by percent since mid-November, to a two-week high,
such that it now stands just below its 50-day moving average.
The bid for commodities was
supported by weakness in the U.S. dollar, which retreated a sharp 0.9% against
a basket of foreign currencies. The move marked the dollar's worst drop since
late November and a weak follow through from the gains that posted last week, when
the Dollar Index hit a multimonth high as global participants sought safety
amid uncertainty surrounding Greece's fiscal health. Neither a specific plan
nor a concrete development regarding the matter has been unveiled.
In corporate news,
better-than-expected earnings from British banking giant Barclays (BCS
19.03, +2.35) helped win support for shares of lenders and diversified banks.
In turn, all 24 members of the KBW Bank Index advanced and gave the KBW a 2.9%
gain -- its best single-session percentage move in more than one month.
Shared strength among banking
issues helped JPMorgan Chase (JPM 40.07, +1.12) overcome early
weakness, which followed news that it will pay nearly $1.7 billion for the
Asian and European operations of the RBS-Sempra commodities joint venture. The
company later announced that its net credit losses for January spiked to 10.91%
from 7.11% in December, but its shares still finished with a near 3% gain at
their session high.
Though strength was broad
based this session, Dow component Kraft (KFT 28.97, -0.12) was
unable to find support. Though it posted a solid quarterly report, it was one
of only two Dow components to log a loss this session.
Pfizer (PFE 17.72, -0.08) was the other Dow
component to book a loss. It failed to attract support from fellow
pharmaceutical giant Merck (MRK 37.66, +0.74),
which offered investors in-line earnings results for its latest quarter.
Though MRK booked a gain, it wasn't enough to help the health care sector keep
up with the broader market. Health care, as a group, advanced 0.9%, which is
about half of what the broader market gained. DJ30 +169.67 NASDAQ +30.66 NQ100
+1.3% R2K +1.7% SP400 +1.6% SP500 +19.36 NASDAQ Adv/Vol/Dec 1923/2.03 bln/755
NYSE Adv/Vol/Dec 2526/1.08 bln/511