MARKETS SNAPSHOT FOR 21/05/12
Tuesday, 22 May 2012 | 00:00
DJ30 PointChange: +135.10 Level: 12504.48 NASDAQ PointChange: +68.42 Level: 2847.21 NQ100 PercentChange: +2.7 R2K PercentChange: +2.3 SP400 PercentChange: +2.3 SP500 PointChange: +20.77 Level: 1315.99 NASDAQ-Adv:1957 Dec: 582 NYSE-Adv:2577 Dec: 434
[BRIEFING.COM] There were few catalysts for trade today, but the S&P 500 staged its strongest performance in two months to snap a six-session losing streak.
Market participants were without any influential economic data today and only a dearth of corporate announcements. Home improvement retailer Lowe's (LOW 25.60, -2.88) reported stronger-than-expected earnings, but issued disappointing guidance, while Yahoo! (YHOO 15.58, +0.16) announced that it will sell half of its stake in Alibaba. JPMorgan Chase (JPM 32.51, -0.98) made it known at an industry conference that the firm has suspended its share repurchase program, but that it intends to maintain its dividend.
As has been the case for several weeks, macro-related topics were given the most attention. Leaders of China conveyed a willingness to consider accommodative policies with regard to stimulating economic growth. With regard to Europe, Group of Eight leaders made known their interest in keeping the eurozone intact.
The euro was down narrowly around the time of the open, but it was able to stage a solid advance against the greenback. By session's end it was up little more than 0.3% so that it traded above $1.28.
Tech stocks lacked leadership in the early going, but the sector eventually pushed out in front of the broad market to provide strong leadership. The sector's 2.8% gain was led by Apple (AAPL 561.28, +30.90), which is the single largest stock by market cap. The weight of AAPL shares and the strength of its gains also helped the Nasdaq outperform its counterparts, such that its gain was more than double that of the Dow.
Telecom and Utilities lagged all session. Telecom settled at the flat line, but Utilities eked out a 0.2% gain. Their lackluster performance comes after they managed to limit losses last week, which marked the worst week for the S&P 500 since November.
Last week's slide left the broad market at its lowest level since January, so naturally many market watchers are wondering if today's big bounce is simply owed to short covering, a bout of bargain hunting, or a combination thereof, especially amid so few catalysts.
Advancing Sectors: Materials +3.0%, Tech +2.8%, Industrials +2.2%, Energy +2.1%, Consumer Discretionary +1.6%, Financials +1.0%, Health Care +0.9%, Consumer Staples +0.4%, Utilities +0.2%
Declining Sectors: None
There are no comments available.