The Dow started the week 0.14% higher and the S&P 500 rose by 0.47%. In a reversal, the tech heavy NASDAQ was the best performer on the day rising 0.86% with Microsoft and Apple as the main leaders. Volume was light today and there was no real concrete reason that anyone could point to for the strength in the afternoon trading session.
Commodities were mixed today with gold and silver higher all day and closing near their respective highs. Crude was higher by 0.85% while natural gas was lower by 3.1%. Copper and grains were lower on the day.
The technology sector was higher by 1% today. Mega-caps, Apple and Microsoft, led tech higher. Semiconductors and semi-capital equipment stocks were also strong all day long. Apple was higher behind two upgrades ahead of their earnings report after the close tomorrow.
Rails continued to outperform the rest of the transportation sector. Union Pacific continued to move higher after their better than expected earnings report last week. UNP’s heavy exposure to all the activity in the oil shale fields is a long term catalyst. Airline stocks sold off sharply today.
In the energy space, Halliburton roared ahead by more than 5% after reporting better than expected earnings. Oil service stocks were the best industry group in the sector.
Media stocks traded higher after upfront ad market information was released. Disney moved out to another new high today. Media conglomerates like CBS and News Corp were also in favor.
Telecom was mixed today. AT&T continues its epic advance moving higher by better than 1%. After moving to new highs on great earnings last week Verizon was off fractionally today. DISH moved higher as people begin to better understand their bid for Sprint.
Healthcare was split today. HMO’s came under pressure as investors continue to sell in response to earnings released from United Health last week. Biogen roared ahead and dragged the entire biotech space with it.
Source: PFS Group
