Daily Market Recap
The averages closed lower for the second straight day. The S&P 500 was lower by 0.63% and the Dow was off by 0.34%. Selling was heavy in the morning and the market bounced off technical support to hold key technical levels.
Consumer staples outperformed while consumer discretionary names traded lower with the overall market. Wal-Mart was a leading name in retail. WMT reported that sales trends have improved recently. Management said their customers are beginning to receive delayed tax refund checks. Target and the dollar discount retail stores also rallied. Grocery stores were extremely strong today. Safeway spiked higher by 14% after sales trends showed significant improvement. Kroger rose in sympathy gaining 4%.
Crude traded lower by 2.5% and natural gas was lower by 1%. Energy names traded in line with the overall market. Tesoro led refiners higher. That area of the energy complex continues to lead the sector. Oil service companies as well as drillers and integrated oil names all traded off more than the market.
Existing homes sales numbers were in line with expectations. Homebuilders sold off at the open after the large selloff yesterday. Buyers came in and bid many homebuilders higher into the close however.
Industrials traded off slightly more than the market. Weaker than expected PMI numbers from Europe did not help the space today. GE did receive favorable analyst commentary and ended the day higher. Capital equipment names were off on the weaker than expected PMI news. Engine makers traded lower after Cummins Engines revised prior reported numbers lower.
Financials trailed the market today. Profit taking was seen in the sector as the names that have rallied the most in recent weeks were off the most today.
Source: PFS Group
About PFS Group
PFS Group Archive
|12/17/2013||Daily Market Recap||story|
|12/16/2013||Daily Market Recap||story|
|12/12/2013||Market Weakens Further on Taper Fears||story|
|12/09/2013||Daily Market Recap||story|
|12/06/2013||Daily Market Recap||story|
|11/26/2013||Daily Market Recap||story|
|11/19/2013||Daily Market Recap||story|
|11/18/2013||Daily Market Recap||story|
|11/14/2013||Daily Market Recap||story|
|11/13/2013||Daily Market Recap||story|