There were hardly any cues for market participants to follow this
session. Still, buyers showed confidence and bid stocks higher in broad-based
fashion.
Aside from some early gyrations, stocks spent nearly all of the
session moving sideways with the S&P 500 stuck between 925 and 928, which
translated to gains from 0.7% to 1.0%. A lack of clear leadership seemed to
restrain stocks from moving higher and breaking above the intraday highs
registered in recent weeks.
All 10 major sectors in the S&P 500 logged healthy gains.
Financials (+1.4%), utilities (+1.3%), telecom (+1.2%), and energy (+1.3%) all
made similar gains.
Energy stocks were bolstered by higher oil prices, which finished
3.4% higher at $71.49 per barrel. The gains came despite news that the IEA cut
its annual oil demand forecasts through 2013. That was countered by news that
Health care stocks (+0.5%) lagged for the entire session, but were
able to recover from morning losses. The sector's weakness spanned health care
facilities, health care tech, and health care distributors amid ongoing efforts
to reform health care, which have often made for unsuccessful endeavors in past
years.
Tech stocks had showed relative strength in the early going, but
also lagged the broader market into the close. They finished with a gain of
0.7%. Apple (AAPL 141.97, +0.47) was an
early leader in the group, but surrendered its gains despite news that chief
executive Steve Jobs will return to work at Apple after being on medical leave.
Relative weakness in other large-cap tech stocks caused the Nasdaq to underperform its counterparts.
Participants can expect a few more headlines starting tomorrow,
when the June Consumer Confidence Index is released shortly after the opening
bell. The ADP Employment report for June, ISM Manufacturing report, and pending
home sales data are due Wednesday. Thursday marks the release of the
government's official Nonfarm Payrolls report for June, as well as the latest
initial jobless claims data and factory orders for May. U.S. markets are closed
Friday in observance of Independence Day -- the holiday-shortened week could
make for light trading volume; as such, hardly 1 billion shares traded hands on
the NYSE this session.DJ30 +90.54 NASDAQ +5.84 NQ100 +0.2% R2K -0.5% SP400
+0.7% SP500 +8.24 NASDAQ Adv/Vol/Dec 1177/1.97
bln/1471 NYSE Adv/Vol/Dec 1826/975 mln/1178