The New Bet
For a second day in a row,
U.S. stocks are rising, led by financial shares
including Citigroup
(
C |
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PowerRating), as investors are speculating that an economic rebound
could increase lending and investment banking.
The S&P 500
(
$SPX.X |
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PowerRating) is up 7.53, or 0.7%, to 1146.02, with financial shares accounting for one-third of the gain.
The
Dow Jones Industrial Average
(
$INDU |
Quote |
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PowerRating) is up 92.09, or 0.9%, to
10,445.45 after
Boeing
(
BA |
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News |
PowerRating) became a finalist for a $4 billion South
Korean fighter aircraft contract.
The Nasdaq Composite Index
(
COMPQ |
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PowerRating)
has advanced 3.56, or 0.2%, to
1827.73.
Two stocks are up for every one that is down on the New York Stock Exchange, while
as of this writing, eight have advanced for every seven that have declined on the Nasdaq Stock Market. Some
531 million shares have traded on the Big Board by 12:15 p.m. New York time, down 8.6% from a week ago, as some investors refrained from making new bets before
the Passover and Easter holidays.
Exchanges are closed Friday for Good Friday, making tomorrow the final session
of the first quarter. Profits for companies in the S&P 500 are expected to drop
8.6% in the quarter according to Thomson Financial/Call, and to climb
8.8% in the second quarter.
A Quarterly Roundup For The Broader Markets
The Dow has risen 4.2% this quarter as investors have flocked to stocks
such as Boeing that are most closely tied to an economic recovery. The S&P 500
has lost 0.2% in the quarter, which would be its sixth losing quarter in
eight. The Nasdaq has dropped 6.3% so far this year.
April gold
(
GCJ2 |
Quote |
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PowerRating) is trading higher today. Gold
reversed up out of its descending triangle pattern and is now trading in a range
between 290.00 and 300.00. When gold is trading positive, it tends to influence
the PHLX Gold & Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) in a positive way. Other
gold mining stocks that are doing well today are Anglogold
(
AU |
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Chart |
News |
PowerRating),
Carrick Gold
(
ABX |
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Chart |
News |
PowerRating) and Newmont Mining
(
NEM |
Quote |
Chart |
News |
PowerRating).
The PHLX Bank Sector Index
(
$BKX.X |
Quote |
Chart |
News |
PowerRating) is trending higher today. Many of the stocks in the
index are positive today and their chart patterns are pulling back from the
highs. Some of the stocks helping move the BKX today are Sun Trust Banks
(
STI |
Quote |
Chart |
News |
PowerRating),
BB&T Corp
(
BBT |
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News |
PowerRating), Northern Trust
(
NTRS |
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Chart |
News |
PowerRating), Golden West Financial
(
GDW |
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Chart |
News |
PowerRating)
and Zion Bancorporation
(
ZION |
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Chart |
News |
PowerRating).
The PHLX Oil Service Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) is rallying from a pullback from the high. Many of the
stocks in this sector are trading in a similar pattern and are higher today.
Some of the stronger performers are Smith International
(
SII |
Quote |
Chart |
News |
PowerRating),
Schlumberger
(
SLB |
Quote |
Chart |
News |
PowerRating), Cooper Cameron
(
CAM |
Quote |
Chart |
News |
PowerRating), Weatherford Intl.
(
WFT |
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Chart |
News |
PowerRating),
Tidewater
(
TDW |
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Chart |
News |
PowerRating), Noble Drilling
(
NE |
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Chart |
News |
PowerRating) and Rowan Companies
(
RDC |
Quote |
Chart |
News |
PowerRating).
The Morgan Stanley
Cyclical Index
(
$CYC.X |
Quote |
Chart |
News |
PowerRating) is rallying from a pullback off the
high. Some of the stocks helping push the CYC are Caterpillar
(
CAT |
Quote |
Chart |
News |
PowerRating),
Citigroup
(
C |
Quote |
Chart |
News |
PowerRating), CSX Corporation
(
CSX |
Quote |
Chart |
News |
PowerRating), Dana Corporation
(
DCN |
Quote |
Chart |
News |
PowerRating), Deere &
Co.
(
DE |
Quote |
Chart |
News |
PowerRating), Dupont
(
DD |
Quote |
Chart |
News |
PowerRating), Phelps Dodge Corporation
(
PD |
Quote |
Chart |
News |
PowerRating) and United
Technologies
(
UTX |
Quote |
Chart |
News |
PowerRating).
Vertex Pharmaceuticals
(
VRTX |
Quote |
Chart |
News |
PowerRating) is trading
in a triangle. VRTX carries a
3-month relative strength rank of 95 along with an uptrending
ADX of 35 from TradingMarkets.com.
Westwood One
(
WON |
Quote |
Chart |
News |
PowerRating) is pulling back from
its high. WON is holding a
3-month relative strength rank of 85 along with an uptrending
ADX of 46 from TradingMarkets.com.
Digene
(
DIGE |
Quote |
Chart |
News |
PowerRating) is pulling back to the
20-day moving average following a thrust to the upside. DIGE is holding a
3-month relative strength rank of 80 from TradingMarkets.com.
JDA Software Group
(
JDAS |
Quote |
Chart |
News |
PowerRating)
is breaking out of an ascending triangle with strong volume. JDAS has a
TradingMarkets.com RS3 rating of 87.
Zoran
(
ZRAN |
Quote |
Chart |
News |
PowerRating) is continuing its move
higher today with strong volume. ZRAN has a
TradingMarkets.com RS3 rating of 91.
The Merrill Lynch Oil Service HOLDRS
(
OIH |
Quote |
Chart |
News |
PowerRating)
are rallying from a pullback from the high.