Daily Market Recap
The S&P 500 snapped its losing streak to post a 0.35% gain and the Dow was higher by 0.36%. Consumer discretionary, consumer staples, telecom services, and materials were the leading sectors. Energy, financials, and utilities were the weak relative performers.
Commodities were mixed. Copper, crude, and natural gas were ahead of the tape and precious metals were lower. Gold bounced off its lows but closed the day lower by 0.79%. Crude and natural gas both closed fractionally higher.
Financials were slight laggards on the day. After the sharp rally yesterday the news flow associated with the space was less than in recent days. There are continued headlines related to JP Morgan and the government pursuing potential charges. The market is still trying to digest the impact of the no taper announcement from the Fed. REIT’s were the best performing industry group in the sector.
Technology slightly outperformed the broad market. Internet stocks were strong led by eBay, Yahoo, and Facebook. eBay made an acquisition that will allow them to become more prominent in processing mobile payment transactions. Facebook closed over $50 a share for the first time.
Energy, materials, and industrials all traded roughly in line with the broad market averages. Within the materials sector, metals were laggards and chemicals led the space. Industrials were quiet ahead of the start of earnings season next week. Oxy Petroleum was a leader in the energy sector. OXY received a major analyst upgrade. Solar names continue to perform well with Chinese names outperforming domestic issues.
Source: PFS Group
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