Shock And Awe For The Dow
For
the first time since 1996, the market has closed up eight straight
days, with the “shock and awe” campaign helping the Dow to close up 229 to
8516.36, the Nasdaq up 18.38 to close at 1421.15, and the S&P up 19.61 to finish
at 895.45. The Dow and S&P erased their losses for the year. This week, the S&P
500 rose 7.2%, the Dow 8.1% and the Nasdaq 5.9%. The Dow made its largest weekly
move in 20 years.
The 10-year US Note
fell 215 to 112 205.
The US dollar rose .82
to 102.45.
Gold fell 6.90 to
326.10.
Crude Oil dropped 1.21
to 27.40.
Volume was 1,732,512,000
on the NYSE, and 1,760,751 on the Nasdaq.
Market breadth
was positive,
with NYSE advancing issues outnumbering declining issues
by a ratio of 1.42, and
up volume
over down
volume by a 3.87 ratio. Nasdaq advancing issues
were over declining issues by 1.84.,
and up volume is over down
volume by a 1.77
ratio.
Stocks In The News:
Dupont
(
DD |
Quote |
Chart |
News |
PowerRating) reaffirmed 1Q
profit targets. The stock was up 2.04 to 41.64.
Honeywell
(
HON |
Quote |
Chart |
News |
PowerRating) gained .43 to 24.05 despite a Merrill Lynch downgrade to
“Neutral.”
Adobe
(
ADBE |
Quote |
Chart |
News |
PowerRating) was cut to a
“hold” at Hambrecht. The stock fell 2.00 to 32.07.
AOL Time Warner dropped after Liberty Media said it would offer debt convertible
into AOL shares. AOL closed down a penny at 11.40.
danielb@tradingmarkets.com