YAHOO [BRIEFING.COM]: Some
late buying helped the stock market finish the session at its high point and
secure its fifth straight gain, a feat that hasn't happened in one month.
What's more, stocks logged a weekly gain of 4.5%, which is the best weekly performance
since July.
This session's advance
was solid and broad-based as every major sector, except telecom (-0.8%),
finished higher. Tech (+1.1%) and health care (+1.0) were the best performing
sectors.
Unlike recent sessions, the
advance came in the face of a stronger U.S. dollar, which gained 0.6% against a
basket of major foreign currencies after Fed Chairman Bernanke said last
evening that the Fed can't indefinitely continue its policy accommodation for
fear of triggering inflationary pressure. The statement wasn't anything new,
but it was enough to lend support in the context of the dollar's recent
doldrums.
The dollar's strength did
threaten to undercut stocks stocks midsession, but the broader market garnered
support as the S&P 500 slipped toward the neutral line.
Strength in the dollar did
undercut precious metals prices. In turn, gold futures closed with a 0.7% loss
at $1048.71 per ounce as they pulled back from the record highs of $1062.70 per
ounce that were reached in the previous session. Silver prices closed down 0.8%
at $17.68 per ounce.
Crude oil futures were able to
break free from the dollar's hold, however. Oil prices had been down more than
1% in the early going, but recovered to settle with a fractional gain at $71.93
per barrel. Natural gas prices weren't so fortunate; they closed down 4.0% at
$4.77 per contract, near session lows.
Treasuries were out of favor
for the entire session as traders continued the selling effort that began
shortly after Thursday's 30-year Bond auction. The benchmark 10-year Note
dropped more than one full point, while the 30-year Bond dropped more than two
points. Recent losses have lifted their respective yields to roughly 3.4% and
4.2%. DJ30 +78.07 NASDAQ +15.35 NQ100 +0.6% R2K +1.2% SP400 +0.7% SP500 +6.01
NASDAQ Adv/Vol/Dec 1815/1.95 bln/858 NYSE Adv/Vol/Dec 1804/989 mln/1188