YAHOO [BRIEFING.COM]: The major equity averages booked a mixed
finish as participants opted to rest on the heady gains scored in the prior
session.
Stocks bounded in the prior session to set new multi-year highs.
That drove buying abroad, but the positive tone was unable to extend into trade
today. Instead, the broad market generally remained mired near the neutral
line.
Economic data failed to act as a catalyst for trade. It featured a
0.4% increase in overall import prices. Excluding oil, import prices eased down
by 0.1%. Prior month import prices featured increases of 0.3% and 0.1%,
respectively. Export prices increased by 0.4%, or 0.5% when excluding
agricultural items. The prior month saw export prices increase by 0.2% and
0.5%, respectively.
The fourth quarter current account deficit reportedly totaled
$124.1 billion. A deficit of $113.8 billion had been expected, on average,
among economists polled by Briefing.com.
Given the near 4% surge achieved by Financials in the prior
session, the sector didn't have much of a reaction to news that only four of 19
banks came short of targets established in the latest round of stress tests.
That said, many bank stocks were able to extend their
gains, driving the KBW Bank Index to a 1.3% gain and its best level since last
summer.
Tech stocks, which collectively carry the greatest market weight of
any sector, traded with strength for most of the session. Gains were checked in
mid-afternoon trade, but it was able to bounce off of the neutral line to score
a 0.6% gain. Apple (AAPL
589.58, +21.48) shares continue to climb, resulting in new record highs and a
market cap of nearly $550 billion. The stock's latest leg of gains came in
combination of strong momentum and positive analyst commentary.
Treasuries were trounced. The action took the yield on the
benchmark 10-year Note to a new multi-month high above 2.25%.
Also a traditional safe haven, gold prices dropped precipitously --
more than $50 -- to almost $1640 per ounce. That stoked selling in the SPDR Gold Trust ETF (GLD 159.57,
-2.56), which tumbled to its lowest level since January.
The notion that an improving macro picture, albeit at a sluggish
pace, diminishes the need for more monetary stimulus in the near term continues
to bolster buying interest in the greenback. The dollar had ascended to a 0.5%
gain against a basket of major foreign currencies by day's end.
Crude oil settled at $105.48 per barrel with a loss of $1.23 after
it spent the majority of the afternoon session in negative territory. Its lows
were logged near narrowly above $105 per barrel. Natural gas prices closed
three pennies in the red at $2.28 per MMBtu.
As for gold prices, they fell $51.70 to $1642.70 per ounce.
Meanwhile, silver sank $1.38 to $32.16 per ounce.
Widespread weakness in the commodity complex took the CRB Index
down nearly three points to 315.7.
Advancing Sectors:
Tech +0.6%
Unchanged: Financials,
Health Care
Declining Sectors:
Consumer Discretionary -0.1%, Industrials -0.2%, Consumer Staples -0.3%,
Materials -0.5%, Telecom -0.5%, Energy -1.0%, Utilities -1.4%DJ30 +16.42 NASDAQ
+0.85 NQ100 +0.4% R2K -0.9% SP400 -0.7% SP500 -1.67 NASDAQ Adv/Vol/Dec 805/1.66 bln/1745 NYSE Adv/Vol/Dec
800/853 mln/2230