MARKETS SNAPSHOT FOR 29/11/11
Wednesday, 30 November 2011 | 00:00
DJ30 PointChange: +32.62 Level: 11553.36 NASDAQ PointChange: -11.83 Level: 2514.04 NQ100 PercentChange: -0.6 R2K PercentChange: -0.3 SP400 PercentChange: +0.1 SP500 PointChange: +2.64 Level: 1194.22 NASDAQ-Adv:966 Dec: 1566 NYSE-Adv:1469 Dec: 1548
[BRIEFING.COM] Stocks settled in relatively mixed fashion after failing to extend an early advance through initial resistance levels.
The stock market climbed from the flat line to a gain of almost 1% in the early going. The effort came as buyers pushed in after their efforts had waned ahead of the open. The move gained momentum with the release of the Consumer Confidence Index for November, which spiked to 56.0 from 39.8 in the prior month. It had been expected to improve to just 42.5.
Although things had been looking up for stocks, buyers' conviction was tested once the S&P 500 ran into resistance just beneath its 50-day moving average around the 1205 region. The inability to build on gains left stocks to oscillate for the rest of the session.
The Nasdaq never really regained its strength. It was weighed down by weakness among large-cap tech plays, which have dragged down the overall tech sector to a 0.7% loss. Amazon.com (AMZN 188.39, -5.76) and eBay (EBAY 28.75, -0.91) were also sources of weakness.
Tiffany & Co. (TIF 67.22, -6.40) was one of the weaker performers after the company issued a disappointing forecast that overshadowed an upside earnings surprise. The stock set a one-month low in the early going.
AMR Corp (AMR 0.26, -1.36) dove more than 80% after the company announced that it has filed for Chapter 11 reorganization rights. Other air carriers ascended in response to the belief that they will benefit from reduced competition.
Energy plays showed strength in the face of lackluster broad market action. The sector climbed 1.5% with help from crude oil, which closed pit trade 1.6% higher at $99.79 per barrel.
Advancing Sectors: Energy +1.5%, Utilities +1.1%, Consumer Staples +1.0%, Telecom +0.7%, Health Care +0.4%, Consumer Discretionary +0.2%, Materials +0.2%
Declining Sectors: Industrials -0.1%, Financials -0.6%, Tech -0.7%
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