Monday, May 18, 2009

SPY S&P500 SPX QQQQ DIA GLD update 05/18/09 - Free Stock Market Analysis

Here is the latest trading and free market analysis video on the S&P500 (SPX), SPY, QQQQ, DIA, GLD ETFs and more...

5/18/09 16:30 ET Dow +235.44 at 8504.08, Nasdaq +52.22 at 1732.36, S&P +26.83 at 909.71:
[BRIEFING.COM] Stocks closed at session highs as diversified bank stocks and financial services stocks steadily led the broader market to its best single-session percentage advance in nearly two weeks.

Bank of America (BAC 11.73, +1.06) was a primary leader among financials after reports indicated that analysts at Goldman Sachs added shares of BAC to their Conviction Buy List. Even in the face of persistent capital concerns, regional banks jumped 7.1%, diversified banks finished 8.5% higher, and diversified financial services companies advanced 7.6%. The KBW Banking index climbed 7.5%.

Strength in bank stocks led the financial sector to a 7.2% gain, and helped carry the S&P 500 back above 900 as the broader market's advancing issues outnumbered its decliners by 10-to-1.

The positive bias also helped pare losses in the utilities sector, which looked as if it would close lower for its fourth straight session. Instead, utilities finished flat.

Buyers favored cyclical stocks for most of the session, bidding materials stocks (+3.6%), industrial stocks (+3.2%), and shares of retailers (+4.5%) higher. Retailers received added support amid better-than-expected top and bottom line quarterly results and an upbeat earnings outlook from home improvement outfit Lowe's (LOW 20.13, +1.68) helped home improvement retailers tack on 7.0%.

Home improvement retailers will likely have their gains tested Tuesday as April housing starts and building permits data hits news wires (8:30 AM ET). No other economic data is scheduled for release ahead of tomorrow morning's opening bell.

According to Reuters, Macy's (M 12.14, +0.81) was added to the Conviction Buy List at Goldman Sachs, winning additional favor for retailers. Reuters also reported that Goldman cut its rating on Nordstrom (JWN 22.96, +0.38), but shares of JWN were able to overcome sellers' initial efforts and close higher with its peers.

Energy stocks (+3.1%) climbed as crude oil futures rallied 4.8% to settle pit trading just above $59 per barrel at a six-month closing high.

Precious metals fell out of favor, though, as equities bounded in broad-based fashion. Gold prices settled 1.0% lower at $921.70 per ounce, while silver slipped 1.3% to settle the session at $13.93 per ounce.

Also a defensive benchmark, 10-year Treasury Note dropped 23 ticks, lifting its yield to roughly 3.22%.

Trading volume during the session was rather low, however. Roughly 1.4 billion shares traded hands on the NYSE.

Nasdaq +52.22 at 1732.36... S&P Midcap 400 +3.8... NYSE Adv/Dec 2722/361... Nasdaq Adv/Dec 2158/543.

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