Here is the latest trading and free market analysis video on the S&P500 (SPX), SPY, QQQQ, DIA, GLD ETFs and more...
06/01/09 16:30 ET Dow +221.11 at 8721.44, Nasdaq +54.35 at 1828.68, S&P +23.73 at 942.87:
[BRIEFING.COM] Thanks to a concerted, broad-based buying effort amid pleasing economic data, the S&P 500 climbed to fresh highs for 2009 and managed to close above its 200-day moving average for the first time since December 2007.
There wasn't any individual catalyst for the upward push, just pleasing economic data in the U.S. and abroad.
That notion was supported by news that personal spending for April declined a moderate 0.1%, which was better than expected and an improvement from the previous month, while personal income for April showed a surprise 0.5% increase in the face of loose labor conditions.
Construction spending for April also registered an unexpected increase by climbing 0.8% month-over-month.
The ISM Manufacturing Index for May came in at 42.8, which was largely in-line with expectations, but up from the prior month. Though the reading indicates manufacturing activity continues to contract, the pace of contraction is decelerating.
Meanwhile, upbeat PMI data in both China and Europe supported foreign indices, and even looped back to the U.S. to help extend the surge that U.S. stocks saw in the final hour of trading last week.
Given the impressive gains in the U.S. and abroad, the Dow Jones World Index climbed 2.6% Monday.
Retailers in the S&P 500 saw some of the best gains. They spiked 6.1%, which helped the consumer discretionary sector climb 4.6%. The sector was also helped by a 6.4% advance by automakers, even as General Motors (GM 0.75, +0.00) confirmed all previous suspicion by announcing that it will enter bankruptcy with the help of the U.S. government, which is investing $30 billion for a 60% stake in the company.
As a result of the filing, GM will lose its long-held position in the Dow. Cisco (CSCO 19.50, +1.00) will replace GM, effective June 8.
Strength in blue-chips helped the Dow cut into its year-to-date loss, which now stands at less than 1%.
Industrial stocks climbed 4.7%, more than any other major sector. Tech tacked on 3.3%, helping the Nasdaq Composite outperform the other headline indices and close above its 200-day moving average for the fifth consecutive session.
The broad-based buying effort helped nine of the 10 major sectors in the S&P 500 finish higher. Telecom (-0.4%) was the only sector to finish lower, but financial stocks (+0.5%) and health care stocks (+0.5%) also lagged the broader market.
Commodities also logged an impressive session as the CRB Commodity Index spiked 3.1% to log its best single-session advance by percent in two months. It was helped along by rising crude oil prices, which logged another 2009 closing high by finishing pit trading 3.2% higher at $68.40 per barrel.
Treasuries were knocked around again. The benchmark 10-year Note shed 58 ticks, which pushed its yield up to 3.68%. The 10-year Note had been down more than two full points during the session.
Nasdaq +54.35 at 1828.68... S&P Midcap 400 +3.7... NYSE Adv/Dec 2507/568... Nasdaq Adv/Dec 2042/647.
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