YAHOO [BRIEFING.COM]: With
help from some positive data, the stock market was able to log a modest gain in
the face of a firmer dollar for the second straight session, but stocks still
finished flat for the week. Such sideways movement is consistent with the stock
market's trend for the past month, though.
Action was choppy this
session, but stocks held firmly higher. The only move lower by the S&P 500
was met with support at the neutral line.
Broad-based support for stocks
stemmed largely from a dose of better-than-expected data. According to the
latest Advance Retail Sales Report, sales in November increased 1.3%, which is
much better than the 0.6% increase that had been expected. Excluding autos,
retail sales increased 1.2% in November. That exceeded the consensus call for a
0.4% increase.
Though there isn't an
empirical connection between consumer sentiment and actual spending,
participants reacted positively to news that the preliminary consumer sentiment
survey for December from the University of Michigan came in at 73.4, which
topped the 68.8 consensus.
Retailers rode to a 1.3% gain
as a result of the reports. The move marked the second straight session that
they outperformed the broader market.
Other economic data proved
less consequential as import prices for November reportedly increased 1.7%
month-over-month, which was stronger than the 1.2% monthly increase that had
been forecast, and business inventories for October increased 0.2%, which is
better than the 0.2% decrease that had been expected.
Though gains were generally
broad, the tech sector struggled. Weakness among large-cap took the tech sector
to a 0.3% loss and caused the Nasdaq to lag its counterparts and finish with a
fractional loss.
Still, advancing issues
outnumbered decliners by more than 2-to-1 in the broader market for the second
straight session. What's more, the modest gains that accompanied those buying
efforts came even though the greenback gained ground against a basket of major
foreign currencies. The Dollar Index logged a gain of 0.1% in the previous
session, but booked a 0.7% gain this session; it finished the week with a 0.8%
gain.
An advancing dollar has made
for a particularly stiff headwind for the stock market in recent months, but
stocks were still able to settle flat for the week. The sideways movement is
consistent with the market's moves, or lack-there-of, in the past month,
however. During that time stocks made their way to fractional new 2009 highs
only to roll over. Buyers have been right there to keep the market's dips short
and shallow, though.
Advancing Sectors: Utilities (+1.7%), Consumer
Discretionary (+1.0%), Industrials (+1.0%), Financials (+0.7%), Telecom
(+0.6%), Consumer Staples (+0.4%), Materials (+0.1%), Energy (+0.1%)
Declining Sectors: Tech (-0.3%), Health Care (-0.1%)DJ30
+65.67 NASDAQ -0.55 NQ100 -0.4% R2K +0.8% SP400 +0.8% SP500 +4.06 NASDAQ
Adv/Vol/Dec 1573/1.77 bln/1091 NYSE Adv/Vol/Dec 2010/1.02 bln/1022