Daily Market Recap

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The S&P 500 gained 0.13% and the Dow was lower by 0.01%. Consumer staples, semiconductors, telecom, and banks outperformed whereas builders, materials, internet, and consumer discretionary underperformed.

Financials were flat on the day. Regional banks were an area of strength. Money center banks offset that with sluggish performance. REITs were the weakest area of the sector.

The semiconductor index gained 0.50% in the flat market. Strength in the group was broad based. Several names in the group gained better than 1% in the quiet tape. Intel continued its strong October and broke above intermediate-term resistance.

Industrials were for the most part quiet. Giant General Electric continues its strong recent performance. GE broke out to a 52-week high after earnings earlier in the week and continues to move higher. Federal Express moved higher for the 10th straight day. The transports were again the strength in the sector.

Materials were weak today with steels and chemicals lower. Petrochemicals continue to move lower. Eastman Chemical was off by more than 2% on weaker than expected earnings.

Energy was quiet on a day when crude was higher by 0.75% and natural gas was lower by 3.75%. Coal was an area of strength. Oil service name Halliburton continued to move higher and driller Weatherford was up close to 1%.

Higher beta stocks in the Internet group sold off today. Concerns about the upcoming earnings report and profit taking led to a decline in Facebook. Other Internet names sold off in sympathy.

Consumer staples continued their recent outperformance. Many consumer staples names sold off sharply ahead of the Fed decision on tapering. With the decision of tapering put on hold and generally strong earnings reports, staples have improved significantly over the past few weeks.

Source: PFS Group

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