Techs Lead, Diamonds Pull Higher
Techs led stocks
higher, putting the tradable tech funds ahead of their
peers. The rally also benefited industrials, sending the
Diamonds to their highest close in 12 sessions.
The Diamonds
(
DIA |
Quote |
Chart |
News |
PowerRating),
which track the Dow Jones industrial average, rose 1.1% on
strong volume.
src=”https://tradingmarkets.com/media/images/fundmovers/flow080700-01.gif”
width=”470″ height=”320″>
The growing
optimism that the Federal Reserve will remain on hold at its
Aug. 22 rate-setting meeting helped listed industrial stocks
and the Industrial SPDR
(
XLI |
Quote |
Chart |
News |
PowerRating). Among its largest
components, Tyco International
(
TYC |
Quote |
Chart |
News |
PowerRating) rose 1 3/8 to 54
1/8, Corning
(
GLW |
Quote |
Chart |
News |
PowerRating) 7 1/2 to 274 1/2, and Caterpillar
(
CAT |
Quote |
Chart |
News |
PowerRating)
1 27/32 to 36 11/16.
src=”https://tradingmarkets.com/media/images/fundmovers/flow080700-02.gif”
width=”470″ height=”320″>
src=”https://tradingmarkets.com/media/images/fundmovers/flow080700-03.gif”
width=”470″ height=”320″>
U.S.
oil prices sagged, but energy stocks diverged. The Energy
SPDR
(
XLE |
Quote |
Chart |
News |
PowerRating) rose 1.3%. The tradable fund rallied above
its 50-day moving average, then closed just below the mark.
The 50-day has proven to be a resistance level in the past.
September crude futures, which had rallied to the
$30-per-barrel level last week, fell $1.05 to $28.91 on the
New York Mercantile Exchange. The American Petroleum
Institute issues its closely watched inventory report on
Tuesday.
src=”https://tradingmarkets.com/media/images/fundmovers/flow080700-04.gif”
width=”470″ height=”320″>
In the tech arena,
the Broadband HOLDR
(
BDH |
Quote |
Chart |
News |
PowerRating) tacked on 3.3%, clearing its
50-day moving average. The B2B Internet HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating)
gained 4.4%.
src=”https://tradingmarkets.com/media/images/fundmovers/flow080700-06.gif”
width=”470″ height=”320″>
src=”https://tradingmarkets.com/media/images/fundmovers/flow080700-07.gif”
width=”470″ height=”320″>
The Semiconductor
HOLDR
(
SMH |
Quote |
Chart |
News |
PowerRating) continued to work on paring its losses, but
Monday’s 2.9% advance was confined to an inside day.
src=”https://tradingmarkets.com/media/images/fundmovers/flow080700-07.gif”
width=”470″ height=”320″>
The Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating) moved ahead 4.0%, its fifth straight gain.
src=”https://tradingmarkets.com/media/images/fundmovers/flow080700-05.gif”
width=”470″ height=”320″>