What Stayed Positive
The
markets edged higher for the first part of the session, then began a
descent around 1:30 pm ET, with the S&P 500 and Nasdaq closing in the red,
and the Dow squeezing out a gain above its 10,000 mark. Gold and silver related
stocks led the action, with software issues managing to stay positive throughout
a technology sell off.
The
Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 0.12%Â
to 10,001.99.
The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating) closed down 0.20%
to 1,116.22.
The Nasdaq [$COMPQ |$COMPQ] closed down 0.85%
to 1,843.38.
Better-than-expected earnings
from Hewlett Packard
(
HWP |
Quote |
Chart |
News |
PowerRating) and American Express
(
AXP |
Quote |
Chart |
News |
PowerRating) gave
traders some love this Valentine’s Day, along with initial jobless claims
coming in lower than expected. The Labor Department said that job claims fell
8,000 to 373,000 in the week ending Feb. 9, better than the 375,000 economists
polled by Thompson Global Markets had predicted. Also today, the Commerce Department
said that business inventories declined 0.4%, less than the 0.6%
expected.
Overall
NYSE volume was 1,250,867,000.
NYSE advancing issues were 1,467,
with up volume at 512,411,000;
declining issues were 1,631,
with down volume at 723,088,000.
Overall Nasdaq volume was 1,650,208,000.
Nasdaq advancing issues were
1,370,
with up volume at 515,005,000;
declining issues were 2,121 with
down volume at 1,106,953,000.
The VIX
was up 0.47 to 22.89. The TRIN
was up 0.36 to 1.27.
Below-average volume on the day
saw the Dow shy away from its 200-day MA, the S&P 500 remain between its 20
and 50-day MAs, and the Nasdaq close on its 20-day MA. The Semiconductor
Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), down 0.78%, suffered only a slight loss, and the Broker/Dealer
Index
(
$XBD.X |
Quote |
Chart |
News |
PowerRating), up 0.45%, managed a slight gain.
Top
sectors of the day were the Gold and Silver
Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) up 2.23% at 68.02
and the Oil Service Sector Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) up 1.30% at 86.66.
Losing
sectors of the day were the Networking
Index
(
$NWX.X |
Quote |
Chart |
News |
PowerRating) down 3.13%
at 264.97,
and the GSTI Multimedia Networking Index
(
$GIP.X |
Quote |
Chart |
News |
PowerRating) down 3.04% to
103.35.
Financial services company American
Express
(
AXP |
Quote |
Chart |
News |
PowerRating), up 1.68% to 34.58, was upgraded by J.P. Morgan to Buy
from Market Performer as corporate travel and expenses are believed to be
improving earnings components for the company.
Dow component Eastman Kodak
(
EK |
Quote |
Chart |
News |
PowerRating), up 3.63% to 29.09, helped the Dow today as it announced that it was
suing Sun Microsystems
(
SUNW |
Quote |
Chart |
News |
PowerRating), down 4.49% to 9.36, over claims that Sun’s
Java computer language violates certain software patents.
Computer hardware maker Hewlett Packard (HWP),
down 0.38% to 20.90, after the close Wednesday announced earnings had more than
tripled, as they earned 29 cents a share compared to the 25 cents expected. The
company also warned that revenue will ease in the first quarter.
Software company Intuit Inc. (INTU),
up 1.79% to 37.62, reported earnings had quadrupled in the fiscal second
quarter, with strong demand for its tax-related software. The company also said
that it expects to exceed current earnings estimates for the year.
Computer storage specialist Brocade Communications (BRCD),
down 7.64 to 32.51, announced that it has met earnings expectations of 5 cents a
share, though was down from last year’s earnings of 13 cents a share. The
company is “comfortable” with second quarter expectations of 6 cents a
share.
Conglomerate Tyco International
(
TYC |
Quote |
Chart |
News |
PowerRating), down 7.54% to 26.72, is
said to have backed off from a plan to divide the company into five parts,
though would still spin off its plastics and finance units.
Irish pharmaceutical company Elan
(
ELN |
Quote |
Chart |
News |
PowerRating), down 4.08% to 13.87, had
its debt rating cut by Moody’s, as the investigation into the company’s
accounting practices may hinder its ability to access new funds.