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September 08, 2009 -- 16:30 ET
Moving the Market:
Cadbury refuses Kraft. Overseas markets extend recent gains amid IMF calls that global recession could end in the beginning of 2010 and G-20's call for more bank capital. Gold prices race past $1,000 per ounce as UN calls for dollar's replacement as global reserve currency.
building products; industrial conglomerates; construction materials; coal and consumable fuels; diversified metals and mining; hotels; oil and gas exploration; office REITs; retail REITs
managed health care; health care services; publishing and printing; employment services; property and casualty insurers; drug retailers
09/08/09 16:30 ET Dow +56.07 at 9497.34, Nasdaq +18.99 at 2037.77, S&P +8.99 at 1025.39:
[BRIEFING.COM] Thanks to broad-based buying, the S&P 500 made solid gains in its first trading session of the week, but the broad market benchmark encountered resistance as it approached last week's highs. Still, stocks settled near their best levels of the session.
Energy stocks and materials stocks led gains for the entire session. They settled 2.6% and 1.5% higher, respectively. Their gains were largely underpinned by strong moves among basic commodities and natural resources as the International Monetary Fund fed economic hopes by saying that the global recovery may begin early next year, sooner than it had previously expected. Commodity prices were also helped by a weaker U.S. dollar, which fell 1.0% against a basket of major foreign currencies to hit an 11-month low after the U.N. said that the greenback should be replaced by a new global reserve currency.
The confluence of positive factors drove gold prices to fresh 18-month highs above $1,008 per ounce, but prices eventually reversed course to settle with a fractional gain at $999.50 per ounce. Oil prices made one of their best single-session percentage gains in more than one month by jumping 3.1% to $71.19 per barrel. That move came ahead of tomorrow's OPEC meeting.
Though energy and materials stocks performed well throughout the session, the broader market fell into a few fits of choppy trading. The more dramatic moves to the downside came as stocks approached last week's highs. However, buyers did show some resolve by bidding stocks back toward session highs ahead of the closing bell.
Health care was the only sector unable to participate in the day's gains. The sector settled 0.4% lower amid ongoing health care reform efforts, including a public option, which New York Times reported is being weighed by the White House. Separate articles suggested nonprofit cooperatives could be proposed as a compromise. Both types of plans have already been part of the contentious debate regarding plans to provide affordable health care to Americans.
There weren't any widely-held companies out with their latest earnings results this morning, so corporate headlines were dominated by news that Cadbury PLC (CBY 51.88, +14.42) refused a $16.7 billion merger offer from Dow component Kraft (KFT 26.45, -1.65). Investors responded by handing shares of CBY one of their best single-session percentage advances on record, while sending KFT markedly lower.
Nasdaq +18.99 at 2037.77... S&P Midcap 400 +1.3... NYSE Adv/Dec 2280/746... Nasdaq Adv/Dec 1606/1017.
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Weekly & Daily Stock Earnings Calendar:
Shanda Interactive SNDA 9/03 8am
Ulta Salon ULTA 9/03 4pm
Casey's Stores CASY 9/08 4pm
Talbots TLB 9/09 8am
NCI Building Systems NCS 9/09 4pm
lululemon LULU 9/10 8am
National Semiconductor NSM 9/10 4pm
Campbell Soup CPB 9/11 8am
Best Buy BBY 9/15 8am
Adobe Systems ADBE 9/15 4pm
Pier 1 Imports PIR 9/17 8am
FedEx FDX 9/17 8am
Palm PALM 9/17 4pm
AutoZone AZO 9/23 8am
Bed Bath & Beyond BBBY 9/23 8am
Red Hat RHT 9/23 4pm
Rite Aid RAD 9/24 8am
Research in Motion RIMM 9/24 8am