YAHOO [BRIEFING.COM]: Stocks
attempted to reverse modest losses in the final minutes of trading, but the
effort failed, which made for an anticlimactic finish to what was already a
choppy and listless session.
Stocks spent the entire
session struggling to find direction. The seesaw action came amid the annual
reconstitution of the Russell indices and some typical end-of-quarter window
dressing. Those themes likely added to the session's volatility, but they
didn't stimulate trading volume until the final few minutes of the session,
when volume on the NYSE more than doubled to finish with 2.35 billion shares
trading hands. That's the largest amount in three months.
There weren't any leaders to
speak of this session. Retailers traded with strength for virtually the entire
session before succumbing to selling pressure as the closing bell approached.
Retailers finished fractionally lower.
Financial stocks made a modest
rally into the close after spending nearly the entire session showing weakness.
Thanks to strength in investment banking and brokerage stocks (+1.7%) and
diversified financial services stocks (+1.8%), the financial sector finished
0.6% higher.
Health care (+0.1%) and
telecom (+0.1%) were the only other two sectors to finish with a gain.
Though the tech sector, as a
whole, finished 0.1% lower, large-cap tech showed strength. Strength in such
names as Google (GOOG 425.25, +9.48) and Apple (AAPL 142.44, +2.58) helped the Nasdaq
Composite outperform its counterparts.
Overall news flow was slow
this session, but participants did get some additional insight into how second
quarter GDP is shaping up with the release of personal income and spending data
for May. Income made a surprisingly strong 1.4% increase, but spending for
increased 0.3%, as expected. Personal consumption expenditures increased 0.1%
month-over-month, as expected.DJ30 -34.01 NASDAQ +8.68 NQ100 +0.3% R2K +0.8%
SP400 +0.2% SP500 -1.36 NASDAQ Adv/Vol/Dec 1714/3.65 bln/937 NYSE Adv/Vol/Dec
1833/2.35 bln/1170