Here is the latest trading and free market analysis video on the S&P500 (SPX), SPY, QQQQ, DIA, GLD ETFs and more...
07/13/09 16:20 ET Dow +185.16 at 8331.68, Nasdaq +37.18 at 1793.21, S&P +21.92 at 901.05:
[BRIEFING.COM] Thanks to leadership from the financial sector, the broader stock market was able to overcome an early fit of selling pressure and march higher for the remainder of the session. Stocks finished at session highs in what was their best single-session percentage advance in six weeks.
Well regarded Wall Street analyst Meredith Whitney encouraged buying in the financial sector by indicating that bank stocks have strong potential in the near-term and by stepping out to upgrade Goldman Sachs (GS 149.44, +7.57) ahead of its latest quarterly earnings announcement, which is scheduled for tomorrow. Expectations are high for Goldman, given its best-of-class status.
Strength among regional banks (+6.3%) and diversified banks (+8.0%) helped the KBW Banking Index spike 6.5%. Meanwhile, the broader financial sector also surged 6.5% in its best single session advance by percent in almost two months.
Financials have been challenged in recent weeks to provide leadership to the broader market. Participants have been allowing the sector to consolidate after surging approximately 120% from its March low to its May high. However, the financial sector's renewed strength induced buying in the broader market this session; that led all 10 major sectors to finish with gains of at least 1%.
The financial sector had an easier time taking center stage amid a dearth of data. Data picks up tomorrow, though, as earnings announcements, corporate forecasts, June PPI, June retail sales data, and business inventory data for May hit news wires.
Nasdaq +37.18 at 1793.21... S&P Midcap 400 +2.4... NYSE Adv/Dec 2526/489... Nasdaq Adv/Dec 1927/705.
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