Bulls Stepping On The Gas?
The
indexes gapped up off the opening bell, drifted lower to mid-day,
then stepped on the gas to lock in nice gains at the close. The day’s rally was
broad-based, with technology marking the best performance.
The
Dow Jones Industrial Average
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$INDU.X |
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to 9,976.46. The S&P 500
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$SPX.X |
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to 1,148.31. The Nasdaq
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closed up 1.89% to 1,934.49.
Economic data released today
had little effect on the market. Housing starts fell by 1.3% in October, smaller
than expected, showing strength in a difficult economic environment. However the
number of new permits issued for housing was the lowest in four years,
indicating potential weakness in the future.
Overall
NYSE volume was 1,287,402,000.
NYSE advancing issues were 1,952,
with up volume at 939,617,000;
declining issues were 1,173,
with down volume at 324,574,000.
Overall Nasdaq volume was 1,895,068,000.
Nasdaq advancing issues were 2,242,
with up volume at 1,451,182,000;
declining issues were 2,242 with
down volume at 418,281,000. The VIX
was down 1.45 to 25.72. The TRIN
was down 0.37Â to 0.57. Volume today was average, as it traditionally is
before Thanksgiving. The Dow Industrials rose over 20% from its Sept. 21 low,
meeting most requirements for a bull market. The Nasdaq and its technology
issues remain the leader of this rally.
Top
sectors of the day were the Airline Index
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$XAL.X |
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up +10.35% to 89.59 and
the Morgan Stanley Internet Idx
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$MOX.X |
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up +7.62% to 607.27.
Losing
sectors of the day were the Gold And Silver Sector Index
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$XAU.X |
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down 2.81% to 49.48 and
the Semiconductor Sector Index
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$SOX.X |
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down 1.06% to 524.31.
Conoco
(
COC |
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up +6.91%
to 25.98 and Phillips Petroleum Â
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P |
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+2.95%
to 53.35, announced a $35 billion merger over the weekend that will make the
combo the world’s sixth-largest energy company.
Aluminum
giant Alcoa Inc.
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AA |
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up
+3.69%
to 38.49 said it will lay off 6,500 of its workers to make the
company more efficient at a time of weak demand for the product.
Parent
of American Airlines
UAL Corp.,
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UAL |
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up
+16.50% to 16.59,
said it has deferred the delivery of 43 aircraft and raised $600 million of
additional liquidity this month.
Home
improvements chain Lowes,
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LOW |
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up
+6.57%
to 43.00 reported third quarter earnings of 32 cents compared to
26 cents a year ago, an increase of 24%. The company said business increased
after the Sept. 11 attacks, and is on target to meet fourth-quarter
expectations.
The world’s
largest toy seller Toys ‘R’ Us
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TOY |
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up
to 23.62Â reported a loss of 22 cents a share compared to losses of 2 cents
a share a year ago. Analysts were expecting losses between 16 and 22 cents a
share.
Drug maker Andrx
Corp.
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ADRX |
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PowerRating)
up +7.81%
to 68.405
shares rose after the company received U.S. regulatory approval to sell its
version of the drug Prilosec, a heartburn and ulcer medicine.