YAHOO [BRIEFING.COM]: Action
this session was choppy and trade was both listless and thin, but stocks still
put together a broad-based gain in the face of a strong rebound by the dollar.
The greenback bounced back
from its 0.9% loss in the previous session to book a 1.0% gain against
competing currencies this session. It had traded with strength for the entire
session, but its gains were extended after the latest FOMC meeting minutes
indicated that the Fed raised its 2010 GDP forecast to 3.2% from 3.0%. Despite
the improved forecast, officials continue to believe that economic conditions
warrant exceptionally low interest rates.
Despite the greenback's gain,
stocks were able to add to their advance from the previous session. The
follow-through was helped by strong overseas gains and kept intact by
better-than-expected housing start numbers for January and in-line building
permit numbers. Industrial production for January increased at a
stronger-than-expected clip, while capacity utilization was in step with the
consensus call.
Though earnings have generally
been a nonfactor for determining the stock market's movements during recent
weeks, strong results and an upbeat forecast from Deere & Co.
(DE 56.48, +2.70) helped keep the mood among participants positive. As for the
stock itself, it made its best single-session percentage gain in six months.
While DE's move was enviable,
the stock lacked the leadership to attract a flood of market participants. In
turn, trading volume this session barely broke 1 billion shares on the NYSE.
Nonetheless, broad-market investors are likely pleased that stocks were able to
advance in broad-based fashion for the second straight session.
Advancing Sectors: Health Care (+0.8%), Consumer
Discretionary (+0.8%), Consumer Staples (+0.7%), Industrials (+0.6%), Tech
(+0.4%), Financial (+0.4%), Telecom (+0.3%), Materials (+0.1%)
Declining Sectors: Energy (-0.4%), Utilities (-0.3%)DJ30
+40.43 NASDAQ +12.10 NQ100 +0.5% R2K +0.6% SP400 +0.6% SP500 +4.64 NASDAQ
Adv/Vol/Dec 1565/2.06 bln/1063 NYSE Adv/Vol/Dec 2049/1.02 bln/978