Daily Market Recap

  • Print

Stocks traded slightly higher today and closed near the highs of the day. Trading was light and the range was quite narrow. Overall correlations were lower today as individual stocks attracted buyers or sellers in number.

Technology and media outperformed today and utilities lagged. Technology was led by hardware and networking stocks. The sector was also helped by Apple moving higher today. Consumer discretionary stocks, led by media, traded higher as investors felt TV ratings were sufficient to buy media stocks across the board.

U.S. third quarter GSP is tracking to grow at 2.8% based on the release of the Quarterly Services Survey. The survey implies slightly stronger consumption growth during the third quarter than previously estimated. After the impacts of the recent storms diminished, jobless claims data returned to trend. Initial claims dropped 25,000 to 370,000 during the last week. This is the same range reported prior to hurricane Sandy.

Financials ended up slightly today, essentially in line with the broader market. The bank index extended its large gains from yesterday and is up roughly 2% in the past two days. Citigroup jumped another 1.5% after rising by more than 6% yesterday. REITS also performed well today.

Materials traded with the market today. Precious metals, coating and chemicals were the leading areas of the sector. Precious metals were up slightly as gold and silver showed strength. Base metals were lower today largely due to continued weakness in Freeport McMoran.

Energy traded in line with the market. Both crude and natural gas were off by 1.5%. Services and drillers underperformed the market and the integrated names were better than the overall space.

Healthcare preformed slightly ahead of the tape with drug stocks providing leadership and HMO’s lagging. Rite Aid reported disappointing same store sales and Walgreens reported numbers ahead of expectations.

Source: PFS Group

CLICK HERE to subscribe to the free weekly Best of Financial Sense Newsletter .

About PFS Group