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August 25, 2009 -- 16:30 ET
Moving the Market:
Overall news flow is slow. S&P/Case-Shiller Home Price Index for June shows further declines, but not as much as expected. August Consumer Confidence Index improves more than expected. Fed Chair Bernanke receives nomination to second term.
consumer electronics; homebuilding; airlines; life and health insurers; automakers; regional banks; diversified banks; gold
food distributors; specialty stores
08/25/09 16:30 ET Dow +30.01 at 9539.29, Nasdaq +6.25 at 2024.23, S&P +5.43 at 1028.00:
[BRIEFING.COM] Stocks spiked to a gain of more than 1% following a better-than-expected consumer confidence reading, but the major indices quickly faltered to settle the session with modest gains. Though that made for an unimpressive finish, the gain helped stocks register a new closing high for 2009.
The major indices hit session high in the moments following the Consumer Confidence Index for August, which came in at 54.1. That was above the 47.9 that was widely expected and marked an improvement from the upwardly revised July reading of 47.4. However, market participants should remember that consumer confidence is not highly correlated with actual spending.
Despite that consideration, retailers showed steady strength through the entire session. They finished 1.8% higher, led by Big Lots (BIG 25.60, +1.57). The discount retailer reported better-than-expected earnings. Chico's FAS (CHS 12.79, +0.90) also provided support with its own positive earnings surprise. The strength behind retailers helped the consumer discretionary sector finish 1.2% higher, the best of the major sectors in the S&P 500.
In other earnings news, Medtronic (MDT37.86, -0.14) spent the entire session chopping along in negative territory despite posting in-line quarterly earnings. That detracted from the tech sector, which finished just 0.1% higher.
Financial stocks were a primary source of support to the broader market, though. They led gains for virtually the entire session before settling with a 1.1% gain. Bank stocks and shares of insurers underpinned the sector's strength.
Separately, Ben Bernanke has been nominated to a second term as Chairman of the Federal Reserve. His nomination comes as the U.S. economy continues to contend with considerable macro headwinds.
Nasdaq +6.25 at 2024.23... S&P Midcap 400 +0.5... NYSE Adv/Dec 1830/1185... Nasdaq Adv/Dec 1458/1244.
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Weekly & Daily Stock Earnings Calendar:
TIVO TIVO 8/26 4pm
American Eagle AEO 8/27 8am
China Sunergy CSUN 8/27 8am
Energy Conversion Devices ENER 8/27 8am
Toll Brothers TOL 8/27 8am
Marvell Technology MRVL 8/27 4pm
Tiffany & Company TIF 8/28 8am
Take Two TTWO 8/31 8am
China Medical CMED 9/01 8am
Edap EDAP 9/01 8am
Joy Global JOYG 9/02 8am
Zale Corp ZLC 9/02 8am
Hovnanian HOV 9/02 4pm
Ciena CIEN 9/03 8am