YAHOO [BRIEFING.COM]: Stocks closed at session highs as diversified
bank stocks and financial services stocks steadily led the broader market to
its best single-session percentage advance in nearly two weeks.
Bank of
Strength in bank stocks led the financial sector to a 7.2% gain,
and helped carry the S&P 500 back above 900 as the broader market's
advancing issues outnumbered its decliners by 10-to-1.
The positive bias also helped pare losses in the utilities sector,
which looked as if it would close lower for its fourth straight session.
Instead, utilities finished flat.
Buyers favored cyclical stocks for most of the session, bidding
materials stocks (+3.6%), industrial stocks (+3.2%), and shares of retailers
(+4.5%) higher. Retailers received added support after
better-than-expected top and bottom line quarterly results and an upbeat
earnings outlook from home improvement outfit Lowe's (LOW 20.13, +1.68) helped home improvement
retailers tack on 7.0%.
Home improvement retailers will likely have their gains tested
Tuesday as April housing starts and building permits data hits news wires (8:30
AM ET). No other economic data is scheduled for release ahead of tomorrow
morning's opening bell.
According to Reuters, Macy's
(M 12.14, +0.81) was added to the Conviction Buy List at
Goldman Sachs, winning additional favor for retailers. Reuters also reported
that Goldman cut its rating on Nordstrom
(JWN 22.96, +0.38), but shares of JWN were able to overcome sellers' initial
efforts and close higher with its peers.
Energy stocks (+3.1%) climbed as crude oil futures rallied 4.8% to
settle pit trading just above $59 per barrel at a six-month closing high.
Precious metals fell out of favor, though, as equities bounded in
broad-based fashion. Gold prices settled 1.0% lower at $921.70 per ounce, while
silver slipped 1.3% to settle the session at $13.93 per ounce.
Also a defensive benchmark, the 10-year Treasury Note dropped 23 ticks, lifting its yield to roughly
3.22%.
Trading volume during the session was rather low, however. Roughly
1.4 billion shares traded hands on the NYSE.DJ30 +235.44 NASDAQ +52.22 NQ100
+2.8% R2K +4.0% SP400 +3.8% SP500 +26.83 NASDAQ Adv/Vol/Dec
2158/2.02 bln/543 NYSE Adv/Vol/Dec 2722/1.42 bln/361