MARKETS SNAPSHOT FOR 01/05/12
Wednesday, 02 May 2012 | 00:00
DJ30 PointChange: +65.69 Level: 13279.32 NASDAQ PointChange: +4.08 Level: 3050.44 NQ100 PercentChange: +0.1 R2K PercentChange: -0.1 SP400 PercentChange: +0.4 SP500 PointChange: +7.91 Level: 1405.82 NASDAQ-Adv:1184 Dec: 1333 NYSE-Adv:1960 Dec: 1059
[BRIEFING.COM] A broad-based bid on the back of some better-than-expected data drove the S&P 500 up more than 1% so that it traded near the multi-year highs set about a month ago, but a gradual decline in afternoon action left the broad market measure hand over about half of its gain.
Early trade was relatively flat as limited trade abroad, stemming from holiday observance, left participants with few directional cues. China reported a Manufacturing PMI reading of 53.3, which is its best reading in about one year, but still less than what had been widely expected. The United Kingdom underwhelmed with its PMI reading of 50.5. Sentiment swung positive almost immediately with the release of the ISM Manufacturing Index, which made surprise improvement to 54.8 from 53.4 in the prior month. News that construction spending increased by 0.1% in March when a 0.5% increase had been broadly anticipated was given little attention.
Financials and Energy helped lead the market's climb. Each sector had ascended to a gain of about 2% before support waned into the close. They still scored gains in excess of 1%, though. Marsh McLennan (MMC 34.35, +0.90) provided a pleasing quarterly report that spurred its shares higher, helping to lead the broader Financial sector. Diversified financial services plays also contributed, while Genworth Financial (GNW 6.15, +0.14) outperformed ahead of its quarterly report. Despite an earnings miss, Chesapeake Energy (CHK 19.60, +1.16) was a top performer among Energy issues, whereas Marathon Petroleum (MPC 41.21, -0.40) slid after it reported an upside earnings surprise. Valero (VLO 24.84, +0.14) also bested expectations for the bottom line, but its shares surrendered a chunk of gains. BP Plc (BP 42.70, -0.71) was pressured for the entire session following its quarterly report, but Anadarko Petroleum (APC 75.06, +1.85) staged a strong gain following its release. Amid the action crude oil climbed more than 1% to clear $106 per barrel for the first time in more than one month.
Although its earnings proved greater than what Wall Street had anticipated, Pfizer (PFE 22.78, -0.12) returned to the red after it had overcome an early loss. Archer Daniels Midland (ADM 33.02, +2.19) was one of the session's top performers. The stock set a multi-month high following a bottom line beat that came despite a relatively light revenue figure. Tech was one of the weaker performing sectors, settling with a gain of only 0.2%.
Heavyweights like Microsoft (MSFT 32.01, -0.01), Apple (AAPL 582.13, -1.85), Cisco (CSCO 19.98, -0.18), and Google (GOOG 604.43, -0.42) hampered the sector, and also dragged on the Nasdaq, which trailed its counterparts into the close and barely eked out a gain.
Tomorrow's calendar features the ADP Employment Report at 8:15 AM ET. It is expected to provide a glimpse into the monthly payrolls report scheduled for release on Friday. Monthly factory orders figures are due tomorrow at 10:00 AM ET. Weekly crude oil inventory data will be posted at 10:30 AM ET.
Advancing Sectors: Energy +1.4%, Financials +1.1%, Materials +0.5%, Telecom +0.5%, Utilities +0.5%, Consumer Discretionary +0.5%, Health Care +0.3%, Industrials +0.3%, Consumer Staples +0.2%, Tech +0.2%
Declining Sectors: None