Markets Surge as Asia Recovers

  • March 6, 2007
  • Darren Wong

In today’s session, traders
continued to buy stocks following the recent weakness in the
markets.  Continued strength among networking, brokerage, and
gold stocks helped to lift the major averages to new highs for the
session.

Crude prices rose by 1% to
$60.69 per barrel on forecasts for frigid weather throughout the
Northeastern U.S. 
Gold futures closed higher by 1.7%
to $649.10 an ounce, the first closing gain in one week. 

Around Europe, the U.K.’s
FTSE 100 index rose 0.91% to 6,114.00, while France’s CAC 40 index
climbed 0.97% to 5,437.13 and Germany’s DAX index surged up 0.92%
to 6,595.00.

Our

Daily Market Bias page gave us several strong bullish signals
after Monday’s close.  These tables can help you to
pinpoint market conditions that have historically led to
significant up or down moves over the next 1 to 5 days. 

Click here for more information on our Daily Market Bias
indicators.



Stocks in
Motion

UnitedHealth
(
UNH |
Quote |
Chart |
News |
PowerRating) Completes Restatement;
FY06 Profit Up 35%; Cuts Prior Years’ Profit By $1.5Bln (full
story).  UNH shares gained 1.7%.

Bausch & Lomb
(
BOL |
Quote |
Chart |
News |
PowerRating) Sees Lower FY06
Sales, Profit; Guides FY07; Recalls 12 Lots Of ReNu MultiPlus Lens Care Solution
(full
story).  BOL shares rose by 2.6%.

Finisar
(
FNSR |
Quote |
Chart |
News |
PowerRating) Reports Q3 Preliminary
Revenue Below Prior Forecast, Says Unable To Complete Stock Option Review In
Time (full
story).  FNSR shares closed higher by 2.6%.

Maidenform Brands
(
MFB |
Quote |
Chart |
News |
PowerRating) Posts Q4 Profit
On Higher Revenues (full
story).  MFB shares jumped by 9.2%.

Iconix Brand
(
ICON |
Quote |
Chart |
News |
PowerRating) Q4 Profit Up 18%;
EPS Matches Estimate; Boosts FY07 EPS View (full
story).  ICON shares lost 8%.

For more stories as they happen, go to our
Breaking News section.

Market Snapshot

Dow

 +157.18 12,207.59

NASDAQ

 +44.46 2385.14

S&P 500

 +21.29 1,395.41

 

 NYSE NASDAQ

Volume

 3,364,683,000 2,086,743,000

Advances

 2729 2471

Declines

 553 588

Up Volume

 2821 1830

Down Volume

 208 122

New Highs

 70 52

New Lows

 36 70



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Gold Bugs Index (HUI) Amex Airline Index (XAL)
Dow Jones Equity REIT Index (DJR) Morgan Stanley Healthcare Providers Index (RXH)
Nasdaq Other Finance Index (OFINX) S&P Insurance Index (IUX)


Economic
News

January Factory Orders -5.6% vs
-4.0% consensus

Productivity- rev +1.6% vs +1.7%
consensus; Productivity- prelim reported on Feb 7th was 3.0%

Darren Wong

Associate Editor

darrenw@tradingmarkets.com