YAHOO [BRIEFING.COM]: Stocks
finished in weak fashion as solid, broad-based gains faded into the close and
the major indices settled near session lows. However, the stock market still
managed to eke out a slight gain, which puts it in positive territory for the
year.
The mood among participants
this session had generally been upbeat since the opening bell. The positive
tone helped stocks extend the prior session's advance, such that the major
indices hit new one-month highs.
Natural resource plays were
leaders in the market's move. As such, energy stocks and materials stocks
booked the best gains. Both sectors settled with a 0.8% gain, as measured by
their Exchange Traded Funds (XLE 57.13, +0.47) and (XLB 32.25, +0.27).
Strong gains among commodities
underpinned the strength in the energy and materials sectors. Specifically, oil
prices advanced 1.2% to close at $79.68 per barrel after they had been as high
as $80.95 per barrel, which marked a one-month high. A 3.6% spike to $17.06 per
ounce gave silver one of its best single-session percentage moves in months.
Meanwhile, gold prices settled pit trade with a 1.7% gain at $1137.40 per ounce
after easing back from one-month highs around $1138 per ounce.
Financials had been a primary
source of support for the broader market, but they lost their momentum as the
session progressed. The sector's primary ETF, (XLF 14.77, +0.05), had been up
roughly 1% at its session high, but it finished with a modest 0.3% gain.
Tech stocks also tumbled. That
left the tech select SPDR (XLK 21.94, -0.03) to finish in negative territory.
A trip by tech stocks and
financial stocks left the broader market without two of its primary leadership
sources. That made it difficult for the broader market to sustain gains when it
had already been without any legitimate catalysts.
Despite the absence of
positive drivers, the S&P 500 managed to hold on to a modest gain, which
put it back in positive territory for the year. Though its year-to-date gain is
fractional, the benchmark index had struggled to accomplish that feat during
the prior session.
Participation remains on the
light side, however; barely 1 billion shares traded hands on the NYSE this
session.
Advancing Sectors: Materials (+1.0%), Energy
(+0.8%), Utilities (+0.5%), Health Care (+0.4%), Consumer Staples (+0.4%),
Financials (+0.3%), Industrials (+0.3%)
Declining Sectors: Telecom (-0.1%), Tech (-0.2%),
Consumer Discretionary (-0.3%)DJ30 +2.19 NASDAQ +7.22 NQ100 +0.3% R2K +0.9%
SP400 +0.8% SP500 +2.60 NASDAQ Adv/Vol/Dec 1769/2.78 bln/892 NYSE Adv/Vol/Dec
2127/1.07 bln/895