The stock market made up some lost ground yesterday, as the Dow Jones Industrial Average rallied 46 points after Tuesday’s triple-digit decline by the index of 30 bellwether companies. The primary impetus was a successful debt auction by the Portuguese government that eased some concerns about Europe’s financial system. The news from overseas more than offset a subdued Beige Book report from the Federal Reserve.
After a generally down day in Asia but good stock showings in Europe, US stocks bounced back from yesterday's retreats to close in the black for the fifth day in the last six. The Dow Jones Industrials gained 46 points, to end at 10,387; the S&P 500 was up 6, to 1098; the NASDAQ Composite tacked on 20, to 2229; the Russell 2000 small cap index rallied 5, to 634; and the Value Line Arithmetic index, the sole equally weighted benchmark, ended the session up 16 points, at 2362.
The U.S. stock markets headed into higher ground this morning, as investors have largely shrugged off international concerns. Advancing issues are beating decliners by better than 3-to-1 on the NYSE, suggesting a relatively broad move is in progress. All the major sectors are in positive territory today. The basic materials group is one of the strongest performers, helped by metals stocks. Alcoa (AA) is up better than 3% in the session, along with other aluminum issues. Also, steel equities, such as AK Steel (AKS) are also up sharply as well. The conglomerate sector is also out in front, helped by large-cap leaders, General Electric (GE) and Tyco International (TYC).
Stocks stumbled to begin the holiday shortened post-Labor Day trading week yesterday, under pressure from profit taking following last week's outsized gains and further angst in Europe, as the beleaguered Continent seeks to overcome a succession of earlier financial ills and some new concerns. In response, the euro tumbled anew. By the close, our market was broadly lower, dragged down by a 107-point setback in the Dow Jones Industrial Average and a 25-point loss in the NASDAQ. Meanwhile, a new day dawns and after yesterday's reversals following four straight up days for the market, the bears were out again earlier today following their counterparts overseas, where stocks had fallen once more.
After a nice rally by the bulls last week, the bears showed up to throw cold water on the party during the first trading session of this holiday-shortened week. With little domestic news on the economy and Corporate America on tap, investors focused most of their attention on news from the other side of the Atlantic, particularly a dour report that surfaced about the health of European banks. Following the lead of several of the European bourses, which reacted poorly to the banking reports, the Dow Jones Industrial Average fell 107 points, to end the day at 10,341.
The U.S stock market opened lower this morning and has not been able to pare its losses, so far. Declining issues are leading the way, outpacing advancing stocks by almost 3-to-1 on the NYSE. The U.S. markets likely followed the move in Europe today. On the Continent, renewed concerns about the banking system have surfaced. As a result, flight-to-quality behavior has been returning in the current session, as investors are buying Treasuries.
Stocks ended the final session before the long Labor Day weekend just the way it had ended the previous three sessions, namely by rising. In fact, just as on Wednesday of last week, the gains were outsized, with the Dow Jones Industrial Average gaining 128 points, and in the process snapping a three-week decline. The Dow is now back up just shy of 10,450, while the NASDAQ, a 34-point winner on Friday, is up at 2,233. Oil is down, meantime, falling below $75 a barrel on Friday, and slipping under $73.50 this morning, falling along with the equity futures, following weaker performances in Asia and Europe overnight and this morning.
It was an impressive week for Wall Street. After a slow start, the U.S. equity market rallied sharply, producing four consecutive days of gains, highlighted by triple-digit advances in the Dow Jones Industrial Average on Wednesday and Friday. The index of 30 bellwether companies rose 2.9% for the five-day period, boosted by a couple of better-than-expected reports on the economy, which has not been the norm this summer. The other major U.S. indexes, the NASDAQ, S&P 500, and Russell, also fared well, registering weekly gains of 3.7%, 3.7%, and 4.3%, respectively.
After a triple-digit advance for the Dow Jones Industrial Average to start the day—buoyed by a better-than-expected report on employment—the index of 30 bellwether companies gave back some of the session’s earlier gains following the issuance of the report on non-manufacturing activity. As we approach the end of the trading week, the bulls are making a solid case to remain in the driver’s seat. We do expect volume to lighten in the afternoon hours ahead of the Labor Day weekend and with Hurricane Earl, and its residual tropical storm, bearing down on parts of the East Coast.
The bulls extended their modest winning streak yesterday, surprisingly so, as they pushed stocks moderately higher a day before the release of the government's key report on employment and unemployment. Often on the day before such a key release, the market just bides its time. The gains, albeit materially less than on Wednesday, when the bull pushed the Dow Jones Industrial Average up 255 points, to better than 10,270, were material nonetheless. In all, the Dow added 51 points, to climb above 10,300. The market's key preoccupation, meantime, remains the overall employment situation.
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Morning Comment - September 9, 2010
The stock market made up some lost ground yesterday, as the Dow Jones Industrial Average rallied 46 points after Tuesday’s triple-digit decline by the index of 30 bellwether companies. The primary impetus was a successful debt auction by the Portuguese government that eased some concerns about Europe’s financial system. The news from overseas more than offset a subdued Beige Book report from the Federal Reserve.
Closing Comment - September 8, 2010
After a generally down day in Asia but good stock showings in Europe, US stocks bounced back from yesterday's retreats to close in the black for the fifth day in the last six. The Dow Jones Industrials gained 46 points, to end at 10,387; the S&P 500 was up 6, to 1098; the NASDAQ Composite tacked on 20, to 2229; the Russell 2000 small cap index rallied 5, to 634; and the Value Line Arithmetic index, the sole equally weighted benchmark, ended the session up 16 points, at 2362.
Midday Comment - September 8, 2010
The U.S. stock markets headed into higher ground this morning, as investors have largely shrugged off international concerns. Advancing issues are beating decliners by better than 3-to-1 on the NYSE, suggesting a relatively broad move is in progress. All the major sectors are in positive territory today. The basic materials group is one of the strongest performers, helped by metals stocks. Alcoa (AA) is up better than 3% in the session, along with other aluminum issues. Also, steel equities, such as AK Steel (AKS) are also up sharply as well. The conglomerate sector is also out in front, helped by large-cap leaders, General Electric (GE) and Tyco International (TYC).
Morning Comment - September 8, 2010
Stocks stumbled to begin the holiday shortened post-Labor Day trading week yesterday, under pressure from profit taking following last week's outsized gains and further angst in Europe, as the beleaguered Continent seeks to overcome a succession of earlier financial ills and some new concerns. In response, the euro tumbled anew. By the close, our market was broadly lower, dragged down by a 107-point setback in the Dow Jones Industrial Average and a 25-point loss in the NASDAQ. Meanwhile, a new day dawns and after yesterday's reversals following four straight up days for the market, the bears were out again earlier today following their counterparts overseas, where stocks had fallen once more.
Closing Comment - September 7, 2010
After a nice rally by the bulls last week, the bears showed up to throw cold water on the party during the first trading session of this holiday-shortened week. With little domestic news on the economy and Corporate America on tap, investors focused most of their attention on news from the other side of the Atlantic, particularly a dour report that surfaced about the health of European banks. Following the lead of several of the European bourses, which reacted poorly to the banking reports, the Dow Jones Industrial Average fell 107 points, to end the day at 10,341.
Midday Comment - September 7, 2010
The U.S stock market opened lower this morning and has not been able to pare its losses, so far. Declining issues are leading the way, outpacing advancing stocks by almost 3-to-1 on the NYSE. The U.S. markets likely followed the move in Europe today. On the Continent, renewed concerns about the banking system have surfaced. As a result, flight-to-quality behavior has been returning in the current session, as investors are buying Treasuries.
Morning Comment - September 7, 2010
Stocks ended the final session before the long Labor Day weekend just the way it had ended the previous three sessions, namely by rising. In fact, just as on Wednesday of last week, the gains were outsized, with the Dow Jones Industrial Average gaining 128 points, and in the process snapping a three-week decline. The Dow is now back up just shy of 10,450, while the NASDAQ, a 34-point winner on Friday, is up at 2,233. Oil is down, meantime, falling below $75 a barrel on Friday, and slipping under $73.50 this morning, falling along with the equity futures, following weaker performances in Asia and Europe overnight and this morning.
Closing Comment - September 3, 2010
It was an impressive week for Wall Street. After a slow start, the U.S. equity market rallied sharply, producing four consecutive days of gains, highlighted by triple-digit advances in the Dow Jones Industrial Average on Wednesday and Friday. The index of 30 bellwether companies rose 2.9% for the five-day period, boosted by a couple of better-than-expected reports on the economy, which has not been the norm this summer. The other major U.S. indexes, the NASDAQ, S&P 500, and Russell, also fared well, registering weekly gains of 3.7%, 3.7%, and 4.3%, respectively.
Midday Comment - September 3, 2010
After a triple-digit advance for the Dow Jones Industrial Average to start the day—buoyed by a better-than-expected report on employment—the index of 30 bellwether companies gave back some of the session’s earlier gains following the issuance of the report on non-manufacturing activity. As we approach the end of the trading week, the bulls are making a solid case to remain in the driver’s seat. We do expect volume to lighten in the afternoon hours ahead of the Labor Day weekend and with Hurricane Earl, and its residual tropical storm, bearing down on parts of the East Coast.
Morning Comment - September 3, 2010
The bulls extended their modest winning streak yesterday, surprisingly so, as they pushed stocks moderately higher a day before the release of the government's key report on employment and unemployment. Often on the day before such a key release, the market just bides its time. The gains, albeit materially less than on Wednesday, when the bull pushed the Dow Jones Industrial Average up 255 points, to better than 10,270, were material nonetheless. In all, the Dow added 51 points, to climb above 10,300. The market's key preoccupation, meantime, remains the overall employment situation.