Daily Market Recap
The Dow extended its win streak to eight straight days with a fractional gain and the S&P 500 closed lower by 0.24%. Like other “pullbacks” this year volume was extremely light. The “this is the beginning of the pullback” call rings out anytime the market falls intraday. But, there have been buyers stepping in any time weakness appears in the market.
Homebuilders were the worst performing area of the market today after yesterday’s increase of 7%. Homebuilders rose last week on stronger than expected jobs numbers, record low interest rates and positive calls from prominent analysts.
Treasuries rallied across the curve on the slight weakness in stocks. The fed purchased $1.4 billion in TIPS today.
Commodities were mostly higher with precious metals, copper, grains and crude trading higher. Gold rose by 0.75% today and silver was up by 0.59%.
Energy stocks rose slightly today on a 0.50% rise in crude and natural gas had a decline of a like amount. The major integrated names and refiners were higher today.
Healthcare outperformed the tape led by HMO’s and the major pharma stocks. Life Technologies traded higher on more speculation that it will be taken over by a group of private equity firms. Merck spiked higher on positive data on a drug trial.
Source: PFS Group
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