YAHOO [BRIEFING.COM]: A strong
advance by the financial sector and a weaker U.S. dollar helped give the stock
market its first gain in five sessions.
The major indices started the
session with modest gains, but shares of diversified banks wasted little time
putting together their best percentage gain in two months. The group was helped
along by news that analysts at Goldman Sachs raised their rating on the U.S.
large-cap bank sector. Diversified banks finished the session 5.6% higher,
which lifted the broader financial sector to a 3.3% gain and helped it
outperform every other major sector.
The U.S. dollar declined 0.5%
against a basket of major foreign currencies despite concerns that its weakness
could disrupt the global economy. However, the weaker dollar proved beneficial
to both stocks and commodities once again.
Amid the dollar's drop the CRB
Commodity Index gained 1.3%. The advance reflected a sharp a sharp 1.3%
gain in gold prices, which settled at $1017.80 per ounce. A rebound in oil
prices also helped. Crude futures had been as low as $68.05 per barrel, but
rallied to finish with a 0.7% gain at $70.41 per barrel.
Oil's rebound helped the
energy sector climb to a 2.2% gain. The materials sector finished 2.0% higher.
Though broad-based buying
helped all 10 major sectors finish in higher ground, stocks did have to
overcome a fit of midmorning selling pressure. Sellers had stepped in just
minutes after the September ISM Services Index showed a better-than-expected reading
of 50.9, but stocks rebounded when the Dow and Nasdaq Composite came in contact
with the neutral line. Stocks spent the rest of the session working higher and
closed a few points off of session highs.
Advancing Sectors: Financials (+3.3%), Energy (+2.2%),
Materials (+2.0%), Industrials (+1.9%), Consumer Discretionary (+1.8%),
Utilities (+1.2%), Telecom (+0.8%), Tech (+0.8%), Health Care (+0.5%), Consumer
Staples (+0.2%)
Declining Sectors: (None)DJ30 +112.08 NASDAQ +20.04 NQ100 +0.8% R2K
+1.9% SP400 +2.1% SP500 +15.25 NASDAQ Adv/Vol/Dec 1964/2.17 bln/730 NYSE
Adv/Vol/Dec 2539/1.11 bln/521