YAHOO [BRIEFING.COM]: Action
was choppy and lackluster this session, but the Dow still mustered enough
support to make a fresh 52-week high. Meanwhile, the broader market muddled
along with a moderate loss for most of the session before it managed to make a
flat finish.
Support for blue chips helped
drive the Dow to a moderate gain, which put it at its best level since October
2008. Advancing issues outnumbered decliners by 2-to-1 in the Dow. Caterpillar
(CAT 59.77, -0.45) was a laggard in the group after it announced
disappointing monthly sales metrics for February.
In other corporate news, FedEx
(FDX 92.67, +2.87), Nike (NKE 74.66, +3.78), and Guess
(GES 47.35, +0.67) all announced better-than-expected earnings. Shares
of all three names booked new 52-week highs this session.
The broader market was
unenthused by the upbeat batch of earnings, however. In turn, it was mired in
listless action for almost all of the session.
Unlike the prior session,
natural resource plays were out of favor. As such, energy stocks shed 1.2%.
Their weakness was exacerbated by a 0.9% decline in oil prices to $82.20 per
barrel and a 4.9% fall in natural gas prices to $4.09 per MMBtu. Natural gas
prices were primarily pressured by news of a smaller-than-expected draw in
weekly inventories. Natural gas has traded as a laggard among commodities this
entire week.
Materials stocks made up the
next worst performing sector. They fell 0.7%.
A stronger dollar didn't bode
well for the energy and materials sectors. The greenback gained 0.8% against
competing currencies. That marked its best single-session percentage gain in
one month.
The dollar managed to sustain
its gain in the face of tepid consumer price data, which is often treated as a
barometer for inflation expectations. Specifically, the Consumer Price Index
for February was flat and core prices increased 0.1% month-over-month.
Economists, on average, expected a 0.1% monthly increase for the headline CPI
number, while the same increase had been expected for the core figure.
In other economic news,
initial jobless claims for the week ended Mar. 13 totaled 457,000, which is on
par with the 455,000 initial claims that had been expected and down 5,000 from
the prior week. Continuing claims totaled 4.58 million, which is greater than
the 4.52 million continuing claims that had been expected. Continuing claims
for the prior week were upwardly revised to 4.57 million, though.
The Philadelphia Fed Index for
March came in at 18.9, which is a bit above the reading of 18.0 that had been
expected. Leading Indicators registered a 0.1% increase, as expected.
Energy commodities sold off
this session. April natural gas fell 4.9% to $4.09 per MMBtu after
inventory data this morning sent prices through the floor. Natural gas futures
are now down 32% since January 6. Crude oil futures also traded lower this
session. April crude oil traded below the $82 level late in the morning but
closed at $82.20 per barrel, down 0.9%. Heating oil futures lost 1.0% while
RBOB gasoline lost 0.4%. In total, the energy complex lost 1.8% this session.
Precious metals fared much
better than energy commodities, despite a 0.7% increase in the dollar increase.
April gold closed 0.3% higher at $1127.50 per ounce; May silver closed 0.6%
lower at $17.42 per ounce.
Continuing their volatile
recent trade, sugar futures saw the largest relative gains this session. May
sugar closed 3.8% higher at $0.19 per pound.
Though this session's action
was choppy, and at times sloppy, volatility dropped to a fresh 52-week low. The
Volatility Index closed 1.7% lower.
Advancing Sectors: Industrials (+0.7%), Telecom (+0.6%),
Health Care (+0.6%), Tech (+0.2%)
Declining Sectors: Energy (-1.2%), Materials (-0.7%),
Financials (-0.5%), Utilities (-0.4%)
Unchanged: Consumer Staples, Consumer Discretionary DJ30
+45.50 NASDAQ +2.19 NQ100 +0.4% R2K -0.4% SP400 -0.4% SP500 -0.38 NASDAQ
Adv/Vol/Dec 1141/2.08 bln/1528 NYSE Adv/Vol/Dec 1281/923 mln/1737