YAHOO [BRIEFING.COM]: Stocks
chopped along in mixed fashion for the entire session. Though that made for
rather lackluster action, it allowed recent gains to consolidate.
Overall buying interest cooled
among market participants this session. In turn, the major market averages
lacked leadership and were confined to a relatively narrow trading range until
a late slip led to a weak finish.
Financials hampered the
broader market for the entire session. The sector dropped 1.7% as its declining
issues outnumbered its advancers. Citigroup (C 4.61, -0.25),
regularly one of the most actively traded names by volume, fell 5% after it
disclosed that the Treasury will sell up to some 7 billion its shares.
Shares of BlackRock (BLK
192.95, -18.07) dropped more than 8% in their worst single-session percentage
loss in more than one year after the company announced earnings that came short
of the consensus.
Given that the broader market
has come to expect both strong earnings and strong guidance from reporting
companies, Dow component Caterpillar (CAT 71.65, +2.87)
climbed to a fresh 52-week high after it had posted earnings that exceeded the
consensus estimate and raised its outlook.
Whirlpool (WHR 112.42, +10.20)
did the same and saw its stock hit an all-time high.
Humana (HUM 43.56, -1.97) also cleared the
heightened hurdle with an upside earnings surprise and upside guidance, but its
stock succumbed to the efforts of sellers. Its weakness bled into shares of
other managed care companies, which dropped to a collective loss of 3.1%.
Health care stocks, as a whole, shed 1.1%.
Weakness among financials and
health care, two of the largest sectors in the broader market, kept stocks were
mired for most of the session, but the dollar was able to garner modest support
as the euro retreated amid persistent concerns regarding the deployment of
funds for Greece from the European Union and International Monetary Fund. The
greenback gave up some of its gain, but it still finished slightly higher for
the session.
Stocks have steadied from
their recent slip, which took the S&P 500 within just one point of the 1210
line. Meanwhile, commodities have wrapped up a rather lackluster session that
saw the CRB Commodity Index slip 0.2%.
Oil was the weakest as the
commodity's price fell 1.1% to $84.20 per barrel. Natural gas finished flat at
$4.34 per MMBtu.
Among precious metals, gold
eked out a fractional gain to close pit trade at $1154.00 per ounce. Silver
prices settled 0.8% higher at $18.34 per ounce.
Treasuries had a quiet
session. The at-record $11 billion 5-yr TIPS auction was met with a
bid-to-cover ratio of 3.2, which is slightly above that of the prior auction,
and an indirect bidder participation rate of 23.1%, which is below the rate of
47.8% from the prior average. Results from an auction of 2-year Notes will be
released tomorrow at 1:00 PM ET.
Trading volume was strong once
again. In fact, for the first time this year volume on the NYSE has exceeded
the 200-day moving average for four straight sessions.
Advancing Sectors: Consumer Discretionary (+0.6%),
Industrials (+0.2%), Materials (+0.1%)
Declining Sectors: Financials (-1.7%), Health Care (-1.1%),
Utilities (-0.4%), Telecom (-0.3%), Tech (-0.2%), Energy (-0.2%), Consumer Staples
(-0.2%) DJ30 +0.75 NASDAQ -7.20 NQ100 -0.3% R2K -0.4% SP400 -0.4% SP500 -5.23
NASDAQ Adv/Vol/Dec 1306/2.38 bln/1420 NYSE Adv/Vol/Dec 1429/1.22 bln/1616