Good News Jump-Starts Market
Stocks advanced after the report showing U.S.
factory orders rose more than expected in January added to evidence the economy
is rebounding. General Electric
(
GE |
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(
C |
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are helping the move upward.
The S&P 500
(
$SPX |
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trade, then began to rise on the good economic news. The Dow Jones Industrial
Average
(
$INDU |
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back from those highs, but the internals are still positive. The Nasdaq
(
$COMPQ |
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is slightly positive after giving up some of its gains the past couple of
sessions to profit-taking.
Some 692 million shares traded on the New York Stock Exchange by 12:15 p.m. New
York time, up 9.8% from a week ago. Three stocks rose for every two that
fell on the Big Board, while four advanced for every three that declined on the
Nasdaq.
The PHLX Utility Sector
(
$UTY.X |
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resistance level of 329.00. Some of the stocks helping push the UTY are:
Exelon
(
EXC |
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(
D |
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PowerRating) and Reliant Energy
(
REI |
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PowerRating).
The S&P Banking Index
(
$BIX |
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trading higher today. Stocks helping move the BIX are Bank of America
(
BAC |
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Northern Trust
(
NTRS |
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PowerRating), US Bancorp
(
USB |
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(
ZION |
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PowerRating).
The
AMEX Biotechnolgy
Index
(
$BTK.X |
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majority of the stocks are trading higher in this index. Some of the stocks with
nice gains are Biogen
(
BGEN |
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PowerRating), Cephalon
(
CEPH |
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PowerRating), IDEC Pharmaceuticals
(
IDPH |
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PowerRating), Millennium Pharmaceuticals
(
MLNM |
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PowerRating) and Protein Design
Labs
(
PDLI |
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PowerRating).
The
Morgan Stanley
Cyclical Index
(
$CYC.X |
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PowerRating) is one of the stronger sectors on
the day. Some of the stocks helping push this sector are: Ingersoll-Rand
Company
(
IR |
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PowerRating), Johnson Controls
(
JCI |
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PowerRating), 3M
(
MMM |
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PowerRating), Phelps Dodge
(
PD |
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PowerRating),
United Technologies
(
UTX |
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PowerRating) and Whirlpool
(
WHR |
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Amerada Hess
(
AHC |
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back from its high of two days ago. AHC holds a
3-month relative strength rank of 87 from TradingMarkets.com.
Autodesk
(
ADSK |
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PowerRating) is tracing out a pullback
from high. ADSK is holding a
3-month relative strength rank of 87 from TradingMarkets.com.
Accredo Health
(
ACDO |
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PowerRating) is trading in a
triangle near the recent high. ACDO is holding a
3-month relative strength rank of 93 from TradingMarkets.com.
Wet Seal
(
WTSLA |
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PowerRating) is pulling back from
its recent high. WTSLA is carrying a
3-month relative strength rank of 98 with an uptrending ADX of 36 from
TradingMarkets.com.