YAHOO [BRIEFING.COM]: Despite
weakness in the U.S. dollar, stocks spent nearly the entire session mired in
weakness. Losses remained contained, however.
Participants showed
indifference to renewed selling against the greenback, which took the Dollar
Index back toward the 52-week lows that it set earlier this week. It settled
with a 0.4% loss.
Though the dollar spent the
entire session in the red, the broader market struggled to shake free from its
own spell of weakness. Large-cap tech issues were among the primary laggards;
that caused the Nasdaq to trail the other headline indices.
Financials helped lead the
broader market on a late charge back toward the neutral line, though. The
sector had outperformed for the entire session and was able to finish with a
0.9% gain. Its strength was rooted in banking issues. As such, the KBW Banking
Index advanced 1.4%.
Zimmer Holdings (ZMH 58.03, +1.28) helped the health care sector
put together a solid 0.4% gain. Shares of the medical equipment and supplies
company were upgraded by analysts at UBS.
Several consumer staples
stocks ripped higher late in the session amid news from Daily Telegraph that
Reckitt Benckiser is close to announcing a cross-border transaction that is
suspected to involve a consumer staples play. The consumer staples sector
settled flat, though.
Though the dollar's drop did
little for stocks, it helped prop up precious metals prices. Gold futures hit
another new all-time high of $1153.40 per ounce, but settled fractionally
higher at $1141.20 per ounce.
Oil prices oscillated. Bullish
inventory data drove oil prices up more than 1% in midmorning trade, but it
then rolled over in midafternoon trade. Crude managed to rebound and close up
0.5% at $79.52 per barrel.
The latest dose of economic
data indicated that consumer prices for October increased 0.3%, which is a bit
stronger than the 0.2% increase that had been widely expected. Core prices
increased 0.2%, which is also bit stronger than the 0.1% monthly increase that
had been widely forecast.
Housing starts for October
came in at an annualized rate of 529,000, which is below the rate of 600,000
that had been widely expected. Meanwhile, building permits came in at an
annualized rate of 552,000, which is a slower pace than the annualized rate of
580,000 that economists, on average, had forecast.
Advancing Sectors: Financials (+0.9%), Health Care (+0.4%),
Telecom (+0.2%)
Declining Sectors: Tech (-0.5%), Utilities (-0.5%),
Industrials (-0.4%), Energy (-0.3%), Consumer Discretionary (-0.3%), Materials
(-0.1%)
Unchanged: Consumer StaplesDJ30 -11.11 NASDAQ -10.64 NQ100
-0.6% R2K -0.4% SP400 -0.5% SP500 -0.52 NASDAQ Adv/Vol/Dec 1045/2.00 bln/1629
NYSE Adv/Vol/Dec 1381/1.06 bln/1640