YAHOO [BRIEFING.COM]:Despite
choppy, listless action and some late pressure, stocks were able to log another
solid gain, which helped give the S&P 500 a 2.5% weekly gain.
There weren't any major news
items or economic items to act as positive trading catalysts this session, but
the market's bullish bias still came through. In turn, the S&P 500 finished
in higher ground for the ninth time in 11 sessions.
Telecom stocks made the best
gains after lagging in each of the previous two sessions. The sector mounted a
steady advance in the second half of the session to finish with a 2.1% gain.
Health care (-0.1%), materials
(-0.1%), financials (-0.1%), and energy (-0.1%) were the declining sectors, but
each managed to limit losses.
Trading volume was especially
high with more than 2 billion shares exchanging hands on the NYSE. That marked
the highest level of volume since June. It was largely induced by the S&P
quarterly rebalancing and the quadruple witching options expiration.
The U.S. dollar showed
particular strength, which helped the Dollar Index climb nearly 0.4% after
hitting fresh 2009 lows just one session before. The greenback's gains helped
pressure commodities and send the CRB Commodity Index down 0.7%.
Weakness among commodities was
particularly pronounced in crude oil futures, which saw prices slip 0.7% to
$72.95 per barrel.
Gold prices eased back, but
remain above $1000 per ounce; they settled fractionally lower at $1010.30 per
ounce after reaching their best levels of the year earlier this week.DJ30
+36.28 NASDAQ +6.11 NQ100 +0.2% R2K +0.4% SP400 -0.1% SP500 +2.81 NASDAQ
Adv/Vol/Dec 1417/3.02 bln/1296 NYSE Adv/Vol/Dec 1752/2.28 bln/1253
3:30 pm : The broader market
is trading near its best levels of the session. Energy is currently the only
sector not in positive territory.
Natural gas futures continued
their trend of recent volatile sessions. The October futures soared 9.2% during
the pit trade. Much of the move has been attributed to short-covering. The
October futures closed at $3.78 per contract and are now up 57% off the
September lows.
Crude oil spent much of the
session chopping below the unchanged level. The October crude oil futures
closed at $72.95 per barrel, down 0.7%.
A stronger dollar muted
precious metals prices this session. After reaching their best levels in a year
and a half at $1024.70 per ounce on Wednesday, the December gold futures closed
the week at $1010.30 per ounce, down fractionally on the session. Although the
move in the gold futures was not significant, gold miners felt considerable selling
pressure. The Market Vectors Gold Miners ETF (GDX 46.05 -1.72) is currently down 3.6%.
December silver futures fell 1.2% to close at $17.06 per ounce. DJ30 +54.94
NASDAQ +11.10 SP500 +5.23 NASDAQ Adv/Vol/Dec 1503/2.37 bln/1172 NYSE
Adv/Vol/Dec 1805/1.31 bln/1180