Daily Market Recap
The S&P 500 rallied 1.8% today from the intraday lows. Leaders from both parties along with the President stated they were willing to compromise on fiscal cliff issues. The market received an additional boost when Senator Hatch stated that Democrats and Republicans were just $23 billion apart on reaching a deal.
Yesterday the word from Washington on fiscal cliff negotiations was disappointing and the market went down. Today Senator Boehner and President Obama used the word hopeful and the market rallied. When specific dollar figures were mentioned the market saw more buyers come in.
Technology worked higher on strength in the semiconductor space. Analog Devices gave weak guidance but semis rallied anyway. Semis ended up 1% on the day.
Industrials rallied on positive fiscal cliff developments. Caterpillar made positive comments on China saying their economy has bottomed. Capital equipment stocks traded up roughly 1%. Aerospace/defense names and multi-line industrials were also strong.
Energy had an intraday reversal to finish up 1% on the day. Crude traded off 1% and natural gas was down 2%.
Healthcare slightly outperformed the market with HMO and pharmaceutical stocks leaders in the space. Biotech stocks started sharply lower and finished up on the day.
Costco shares gained over 6% on the day. They reported better than expected same store sales growth and also announced a special dividend of $7. The consumer discretionary space outperformed the market.
Source: PFS Group
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