YAHOO [BRIEFING.COM]: The
broader market was led higher in the early going by financial stocks, but the
sector succumbed to an afternoon selling effort that caused it to upend the
major indices. In turn, the S&P 500 settled just below the neutral line,
but that was still enough to end its winning streak at four sessions.
Stocks in the S&P 500
looked as if they were going to make their fifth straight advance as buyers
chased the stock market's recent advances for fear of missing out on future
gains. Their rather bullish bias was further supported by broad-based buying
overseas and came in the face of a warning from New York University Professor
Roubini about a double-dip recession in a Financial Times article.
Though there weren't any
economic reports or noteworthy earnings announcements to act as catalysts this
session, participants reacted strongly to an upgrade of American Express (AXP 32.67, -0.18) and Capital One (COF 36.45, -0.03) by analysts at
Barclays. That propelled consumer finance stocks up more than 3% during
the session, but the group finished with a gain of just 0.1% as participants
pushed back against financial stocks.
Banks saw the worst of the
selling effort. Diversified banks fell 2.3% and regional banks dropped 3.2%.
Their weakness took the broader financial sector from a gain of roughly 2% to a
0.9% loss, which was only matched by the consumer discretionary sector.
In contrast, energy stocks
were able to preserve most of their strength. The sector finished 1.3% higher,
which was the best of any major sector in the S&P 500. Drillers (+1.4%) and
refiners (+1.8%) saw some of the best gains, but it was integrated oil (+1.7%)
that provided the most leadership, thanks to the market weight of such heavy
hitters as Exxon Mobil (XOM 71.30, +1.38). The blue chip proved to be a primary
leader in the Dow, which was the only major index to eke out a gain.
Energy stocks were buoyed by
continued gains by oil prices, which set fresh highs for the year by making
their way to $74.81 per barrel. Oil prices pulled back a bit to settle at
$74.37 per barrel, up 0.6%.
Prior to the afternoon
pullback the S&P 500 also registered fresh highs for 2009. It remains up
almost 5% during the course of the last five sessions and up nearly 17% during
the last six weeks. DJ30 +3.32 NASDAQ -2.92 NQ100 -0.2% R2K -0.2% SP400 -0.4%
SP500 -0.56 NASDAQ Adv/Vol/Dec 1223/2.05 bln/1455 NYSE Adv/Vol/Dec 1543/1.23
bln/1474