What Sparked The Rally
The Standard & Poor’s 500 Index rose for a
second straight week as better-than-expected reports on consumer confidence and
unemployment shored up optimism the economy is recovering. The S&P 500 has
gained 1.4% this week and is down 12% this year. Broader market index futures
closed mixed.
BROADER MARKET INDEX FUTURES
March S&P 500 futures
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SPH2 |
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at 1159.30, unchanged. The March Dow Jones futures
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DJH2 |
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to 10120.0, while the March Nasdaq futures
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NDH2 |
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to close at 1624.00. The March E-mini S&P 500
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ESH2 |
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slightly lower by -0.25 at 1159.25.
FINANCIALS
Treasuries fell after a consumer confidence index
posted its biggest gain since February 1998, suggesting the economy may rebound
early next year. Investors sold Treasuries on expectations the Federal Reserve
will end the interest rate reductions that sparked a rally in the bond market
during the first 10 months of the year. A smaller-than-expected increase in
initial jobless claims and an unexpected gain in durable goods orders, excluding
transportation, also suggested the economy may pick up soon. The March
30-Year T-Bond
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USH2 |
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10-Year T-Note
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TYH2 |
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5-Year T-Note
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FVH2 |
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CURRENCIES
The March US dollar index
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closed at 117.82, down -0.26. The March British pound
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closed down -.0006 to finish at 1.4438. The yen had its biggest gain in a month
against the dollar, ending an 11-day slide after Japanese officials said the
government may give money to banks to help them write off more than $1 trillion
in bad debt. The March Japanese yen
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JYH2 |
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.007656. The March Swiss franc
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SFH2 |
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.0015, and the March Australian dollar
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ADH2 |
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.0034 to .50800.
PRECIOUS METALS
Precious metals settled mostly
higher Friday, with gold futures pressed lower by fund selling, but largely
unfazed by U.S. economic data released in the morning, with the focus on
year-end book squaring. Feb Gold
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GCG2 |
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PowerRating) closed down -0.9 to
276.8. March Silver
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SIH2 |
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Grade Copper
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HGF2 |
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was unchanged at 480.00.
GRAINS
The grains were mixed today.
March Wheat
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WH2 |
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CH2 |
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up .25 to 209.75. March Oats
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OH2 |
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PowerRating) gained 2.25 to 192.25. March
Soybeans
(
SH2 |
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PowerRating) lost -3.25 to close at 424.25. March Soybean Meal
(
SMH2 |
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PowerRating) was down by -0.70 to close at 144.70, and March
Soybean Oil
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BOH2 |
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SOFTS
Cocoa futures on the Coffee,
Sugar & Cocoa Exchange settled slightly higher Friday in a lackluster
session that saw only sporadic spurts of activity as many players had their
holiday mode on during the last business session of 2001. The CSCE will be
closed for business Monday and Tuesday for the New Year’s holiday. March Cocoa
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closed at 1310, up 1.00. March Coffee
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KCH2 |
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46.20, a -.0.82 drop. March Cotton #2 [CTH2|CTH2] dropped -0.63 to close
at 35.70. March Orange Juice [JOH2|JOH2] closed at 91.15, down -1.65.
March Sugar #11
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SBH2 |
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PowerRating) was up slightly by 0.09 to 7.39, and Jan
Lumber
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LBF2 |
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MEATS
All of the meats were trading up
today. Feb Live Cattle
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LCG2 |
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PowerRating) finished up .60 to 70.85. Feb Lean
Hogs
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LHG2 |
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PBG2 |
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at 81.50, up .875, and Jan Feeder Cattle
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FCF2 |
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86.00.
ENERGIES
Feb Crude Oil
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CLG2 |
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at 20.41, down -0.49. Feb Unleaded Gas
(
HUG2 |
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PowerRating) dropped -.0099 to
.5883. Feb Heating Oil
(
HOG2 |
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PowerRating) lost -.0151 to .5705,
and Feb Natural Gas
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NGG2 |
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PowerRating) closed slightly higher at 2.785, up .166.