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The major averages are trading higher, boosted by a further drop in Crude Oil, a rebound in Durable Goods Orders, rising Consumer Confidence and a jump in New Home Sales.
Surprisingly it was New Home Sales that attracted the most attention from traders after the recent run of poor housing data that has been fueling speculation the housing boom may be coming to an end. The numbers didn't disappoint though and stocks pushed on to hit session highs shortly after the data was released.
October Durable Goods Orders Up 3.4% (report).
Conference Board: November Consumer Confidence At 98.9 (report).
New Home Sales Up 13% To Rate Of 1.42 Mln. Units (report).
Go to our Economic News section for reports and analysis.
Treasuries are trading lower, while the US Dollar Index is trading higher. Crude Oil is trading lower but Unleaded Gas, Heating Oil and Natural Gas are all trading higher.
Stocks On The Move
Weyerhaeuser (WY) revealed that it planned to divest its composite panels business with a view to strengthening shareholders returns and concentrate on its business portfolio (more).
Northrop Grumman (NOC) revealed that the U.S. Air Force has awarded a five-year, $532 million contract for the Joint Surveillance Target Attack Radar System Improvement Program (more).
Freeport-McMoRan Copper & Gold (FCX) announced fourth quarter-to-date operating performance through late November 2005 is running below estimates (more).
Mylan Laboratories (MYL) revealed that Mylan Pharmaceuticals has received final approval from the U.S. Food and Drug Administration for its Abbreviated New Drug Application (more).
Anheuser-Busch (BUD) now expects earnings per share for the full year 2005 to be down about 10% - 11% (more).
Activision (ATVI) announced that it has signed an agreement with Spider-Man Merchandising and Sony Pictures to extend its exclusive worldwide publishing rights to the Spider-Man motion pictures through 2017 (more).
Dendreon (DNDN) reached an agreement with the U.S. Food and Drug Administration to amend the design of its ongoing Phase 3 clinical trial of PROVENGE (more).
Go to our Breaking News section for more stories as they happen.
| Dow | +46.34 | 10,937.06 |
| NASDAQ | +5.54 | 2244.91 |
| S&P 500 | +5.25 | 1262.71 |
| NYSE | NASDAQ | |
| Volume | 964,491,000 | 777,688,000 |
| Advances | 2081 | 1601 |
| Declines | 1027 | 1226 |
| Up Volume | 522 | 437 |
| Down Volume | 329 | 247 |
| New Hi's | 96 | 81 |
| New Lo's | 71 | 36 |
|
Strongest Sectors |
Weakest Sectors |
| Healthcare (HMO | Quote | Chart | News | PowerRating) | Gold Bugs (HUI | Quote | Chart | News | PowerRating) |
| Chemical (CEX | Quote | Chart | News | PowerRating) | Gold and Silver (XAU | Quote | Chart | News | PowerRating) |
| Insurance (IUX | Quote | Chart | News | PowerRating) | Airline (XAL | Quote | Chart | News | PowerRating) |
Ashton Dorkins
ashtond@tradingmarkets.com
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