Daily Market Recap

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The S&P 500 gained 0.18% and the Dow was higher by 0.03%. Within the S&P 500, media, retail, and utilities underperformed while homebuilders, financials, and rails rallied.

Media stocks were lower on negative sales data released by cable companies. Time Warner also hurt the area as there were reports that their spinoff of the cable division could be delayed.

Homebuilders were higher for the second straight session following strong NFP data on housing.

Banks stood out in the financial sector. Banks were strong across the board as regional banks, trusts, and money center banks did well.

Retail was off today as news flow related to the space slowed as we neared the midway point of the holiday selling season.

Commodities were mostly higher today, with precious metals, copper, corn and natural gas higher. In precious metals, gold gained 1% on the day. Silver gained 1.9% and copper was higher also.

Memory stocks lead the technology sector today. Also, three mega cap stocks, Apple, Microsoft and Google, were higher. Micron continues to be a leader in the memory chip area. Intel and Broadcom were also higher. Apple was higher by 1%. Rumors continue to swirl regarding a announcement with China Telecom. Microsoft continues to perform well after moving through technical resistance recently.

Industrials were ahead of the tape today. GE gained one percent after a favorable article in Barron’s highlighted the industrial sector. The article outlined the potential sale of business units from several major industrial companies. Terex benefited from such news today gaining 2.5% on news of selling a portion of their business to Volvo Construction Equipment.

Positive macro data helped the homebuilders and favorable analyst commentary moved the building products space higher. Goldman Sachs made positive comments on building products stocks.

Gaming stocks with exposure to the Chinese market were up today. Wynn, MGM, and Las Vegas Sands were higher on better than expected numbers from operations in Asia. Gaming equipment stocks were higher after they received positive analyst commentary.

Consumer stocks were mixed. Kraft Foods gained on analyst upgrades. Same store sales numbers from McDonalds were disappointing and the stock declined by 1%. Sysco traded higher by close to 10% after they announced the acquisition of US Foods.

Source: PFS Group

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