Daily Market Recap
Stocks again opened at their lows and then worked higher throughout the day. The S&P 500, NASDAQ and Dow all closed at 52-week highs and the Russell 2000 and Dow Transports closed at all-time highs. There was no specific catalyst today to spur the buying. The lack of a major macro overhang continues to help the markets. The major averages have been moving sideways for a few days and the breakout to new highs came today.
The S&P 500 had been restrained by the range of 1460-1475. Today the index broke out of the trading range and closed at 1480 +0.56%. Regional banks, semiconductors and media stocks were the leaders today.
Regional banks reported better than expected earnings. Some of the larger banks sold off today. There was profit taking on Bank of America after they reported earnings prior to the open.
Several semiconductor companies reported better than expected current bookings with stronger than expected forward guidance.
Media stocks soared after CBS announced they were going to convert its outdoor advertising operations in America to a REIT structure, and sell those operations outside the U.S. Other media names with outdoor advertising exposure rose in sympathy with CBS.
EBAY was the best performer in the Internet space. EBAY reported strong earnings after the close yesterday. Its core auctions business continues to perform well and their PayPal payment service continues to be the growth driver for strong earnings guidance.
Commodities traded higher with copper and crude leading the way and the grains lagging. Gold and silver both traded higher.
Industrial/capital goods stocks moved higher on an improved macro outlook. Stronger than expected housing starts numbers point to continued strong spending for capital goods.
Source: PFS Group
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