Daily Market Recap
After falling by close to 2% over the past two days, the major averages rallied higher to close the week. The Dow rose by 0.86% and the S&P 500 was higher by 0.88%. The S&P 500 saw its streak of weekly gains snapped at seven as it declined slightly this week.
Futures pointed to a higher open after European markets traded higher overnight. Technology bellwether Hewlett Packard helped stocks from the open. HPQ reported earnings ahead of analyst expectations after the close yesterday. Hewlett soared by over 12% today. Management disclosed better than expected earnings, revenue, and gave strong guidance for the remainder of the year. Texas Instruments, another of the high flyers from the late nineties glory days, helped the tech sector. TI rose by better than 5% after reporting earnings.
Insurance giant, another former leader beaten down over the past several years like HP, moved higher after reporting earnings also. AIG reported, even after considering storm related losses, earnings that were ahead of expectations. Morgan Stanley, Comerica, and Goldman Sachs were other financial names that performed well today.
Strength was broad based today. Some of the risk on areas of the market rose on a day when utilities moved sharply higher. Some of the leading sectors today were materials (+1.3%), technology (+1.2%), financials (+1.2%) and utilities (+1.1%).
Retailers were a laggard in the consumer discretionary space. Increased payroll taxes and delayed tax refunds have hurt several retailers this year.
Industrials traded ahead of the market today after a couple of days of profit taking. The sector saw selling this week on fears of slower global growth. Multi line industrials performed well across the board. Late stage industrials worked higher and early stage names moved even higher. Engine makers performed well led by Navistar which rose 1.3%.
Source: PFS Group
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