What Contributed Half Of Today’s Gain…
Computer-related
and financial shares contributed more than half the gain in the S&P 500 today. The Dec. Standard & Poor’s 500 futures
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from the get go to end at 918.70, a gain of 20.39 or 2.27%. Almost four
companies in the S&P 500 reported higher-than-forecast profits for every one
that fell short in the quarter, according to Thomson First Call. Earnings are
expected to rise 16.5% this quarter, First Call said. That’s up from 7.3% in the
third quarter and 1.4% in the second quarter.
In today’s energy trading news, Jan. crude oil
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movement to the upside included OPEC telling its members
to restrain production and President Bush continuing to put the heat on Saddam
in his speech to NATO this morning, warning that “games of deception will not be
tolerated.”
The Department of Energy said that crude supplies
were up 4.5 million barrels last week. Unleaded supplies were down 500,000
and distillates were up 1.5 million barrels. Stocks of all three are
down 8% from one year ago.
Jan. heating oil
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gasoline
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at 70.29 cents a gallon and
Jan. natural gas
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Semiconductor
maker Analog Devices
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profit, triggering gains in computer-related shares such as Intel
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Many of the sectors that fall under the “High-Tech Umbrella”
helped fuel the Nasdaq 100 to positive gains. In today’s trading, the Dec. Nasdaq 100
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4.31% to 1077. Technology shares may benefit from a revival in corporate profit
growth as companies upgrade or modernize equipment.
Two of the key Treasuries pulled back today.
The Dec. 10-year note
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and the Dec. 30 year bond
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In the metals, Dec. gold
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continued to slide, dropping to $317.60 a troy ounce. A drop of $1.10. Dec. silver
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slipped 1.70 cents to $4.525 and ounce. Dec. copper
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was up 1.30 or 1.79% at 73.90 a pound, its
highest close in 17 weeks. At one point in the trading session, copper rose
above .74 before pulling back. There was talk of possible Chinese buying and an
improving economic outlook helping to support prices.
At the Chicago Board Of Trade (CBOT),
Taiwan was said to be a buyer of 56,000 tons of U.S.
corn.
March
corn
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Jan. soybeans
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bushel;
Dec. soy meal
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March wheat futures
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big drop, losing .07 cents or 1.84% to close at $3.73 1/2 a bushel.
March coffee
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2.33% to 72.40, matching its contract high close, as traders try to guess the
impact of Brazil’s dry weather on next year’s crop. The USDA will issue updated
estimates of the coffee market on December 6th. The close at 72.40 is now above
the key resistance of 72.00.
Ivory Coast President Gbagbo took a major step
toward compromise by announcing that there will be a national referendum in 2003
on whether the constitution should be changed. No details were provided yet as
to what the exact question will be and when the election will be held. March
cocoa
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