Here is the latest trading and free market analysis video on the S&P500 (SPX), SPY, QQQQ, DIA, GLD ETFs and more...
06/04/09 16:30 ET Dow +74.96 at 8750.24, Nasdaq +24.10 at 1850.02, S&P +10.70 at 942.46:
[BRIEFING.COM] The stock market overcame a rocky start to trend higher throughout afternoon trading. Though the close was anticlimactic, stocks were still able to log solid gains and reclaim nearly all of the prior session's losses.
Stocks lacked direction in the early going as participants weighed disappointing monthly sales results from retailers against relatively encouraging jobless claims data. Retailers reported unimpressive comparable store sales for May, which left the group to suffer a 1.2% loss. Retailers had been down as much as 3.0% at their session low.
The disappointing sales results came amid challenging macro conditions and tough comparisons. Pressure on retailers isn't expected to lighten up in the immediate future, especially given current weakness in labor markets.
The number of initial jobless claims are slowing, though. Initial weekly claims for the week ending May 30 totaled 621,000, in-line with the consensus estimate. Continuing jobless claims eased back from record highs by coming in at 6.74 million, which is below what was expected. Investors get a broader look at the unemployment picture with tomorrow's nonfarm jobs report, which is due ahead of the opening bell.
Working through a half-hearted selling effort in the early going, stocks were able to move higher for the rest of the session. Gains were strongest in the financial sector, which closed 4.0% higher as bank stocks rallied.
Energy (+2.0%) and materials stocks (+2.2%) were bid higher as participants oscillated back into the sectors after they slumped in the prior session. Participants were partly encouraged by a rise in commodity prices, which saw the CRB Commodity Index rebound 2.6% after it slid 2.7% Wednesday.
Crude oil futures showed particular strength after Goldman Sachs forecast oil at $85 per barrel for 2009, according to Reuters. That helped oil prices reach fresh 2009 highs of $69.60 per barrel in afternoon trading. Oil finished at $68.70 per barrel, up 3.7%.
Nasdaq +24.10 at 1850.02... S&P Midcap 400 +1.4... NYSE Adv/Dec 2343/0... Nasdaq Adv/Dec 1921/743.
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