YAHOO [BRIEFING.COM]: Continued support from buyers into the close
resulted in strong finishes for the major equity averages. Specifically, the
S&P 500 booked its best close since 2008; the Dow settle above the 13,000
for the first time since 2008, and; the Nasdaq
notched another closing high that reaches back more than a decade.
Solid gains by the major bourses abroad helped promote buying
interest ahead of the
Buying interest was revived by the Conference Board's Consumer
Confidence Index, which spiked in February to 70.8 from 61.5 in the prior
month. Many had expected only a modest improvement to 62.5.
Stocks lost their direction for a time, but the support for the
broad market at the neutral line brought buyers back into the fold. Some
afternoon profit taking forced the S&P 500 and Dow to test the neutral line
again, but continued support there gave way to a late rebound that helped
stocks reclaim most of their gains.
Tech proved to be a primary source of leadership. The sector, which
is the largest by market weight, scored a 0.9% gain with help from
semiconductor and equipment stocks. Their advance also helped the Nasdaq outperform its
counterparts.
Apple (AAPL
535.41, +9.65) was a primary driver of the Nasdaq's advance today. The stock's move to a new
record high has resulted in a market cap of almost a half trillion dollars,
which is greater than any other company.
Airline stocks ascended to give the NYSE Arcaa
Airline Index a gain greater than 2%. Their climb was helped by a 1.8% drop in
oil prices, which settled pit trade at $106.55 per barrel.
Elsewhere in the commodity complex, gold prices gained 0.8% to
close pit trade at $1788.30 per ounce. Along the way the yellow metal cleared
$1790 per ounce to set a three-month high. Silver prices surged 4.5% to $37.17
per ounce, which makes for a new multi-month closing high.
In the backdrop, the dollar traded with weakness all day. By the
closing bell it trailed a collection of competing currencies by about 0.5%.
Energy prices succumbed to renewed selling pressure this session.
Their slide settled with oil down 1.8% at $106.55 per barrel and natural gas
down 3.1% at $2.52 per MMBtu.
In contrast, precious metals performed well in that gold prices
gained 0.8% to close pit trade at $1788.30 per ounce. Along the way it cleared
$1790 per ounce to set a three-month high. More impressive still, silver prices
surged 4.5% to $37.17 per ounce, which makes for a new multi-month closing
high.
Gains by precious metals weren't enough to prop up the CRB Index,
however. Instead, the Index logged a 0.6% loss.
Advancing Sectors:
Tech +0.9%, Consumer Discretionary +0.7%, Health Care +0.5%, Consumer Staples
+0.3%, Telecom +0.3%, Materials +0.2%, Financials +0.2%
Declining Sectors:
Industrials -0.1%, Energy -0.2%, Utilities -0.4%DJ30 +23.61 NASDAQ +20.60 NQ100
+1.0% R2K -0.4% SP400 -0.2% SP500 +4.59 NASDAQ Adv/Vol/Dec
1207/1.79 bln/1324 NYSE Adv/Vol/Dec 1544/755 mln/1446