The S&P 500 closed lower by 0.36% and the Dow was off 0.47%. Nine of the ten sectors of the S&P were down. Materials stood out with a gain of 0.60% on more good news from China. China’s industrial production report surpassed estimates with the actual number coming in at 9.7% against a forecasted level of 9.0%. Steelmakers and miners rallied.
Our markets again stalled out at technical resistance levels. As has been the case, there have been investors come in and buy shares at key support levels. So, the market continues to move sideways and consolidate the recent move to new highs. European markets set a positive tone for trading here after they posted further gains today. European markets continue to move higher on better economic growth, solid earnings, and attractive relative valuations.
Commodities were mostly higher as precious metals, natural gas, copper, and crude outperformed the market. Gold was quiet for much of the day. There was a slight rally in late trading to get gold to the positive level by the close. Silver gained 1.04%. Crude was sharply higher posting a gain of 2.2%.
Media stocks were lower, led by Disney and AMC Networks. Both companies reported weaker than expected earnings earlier in the week and could not rally today. Newspapers were lower when the Sulzberger family announced they are not open to selling the New York Times.
Healthcare trailed the market today. Biotech was weighed down by weak earnings from Dendreon. DNDN was down more than 25% on the day. Large cap pharma stocks were mixed. There was very little in the way of news in the area and there was no clear pattern to trading in the area.
Source: PFS Group
