S&P Notches Another Record High

  • May 31, 2007
  • Darren Wong

U.S. stocks finished nearly flat after new takeover
deals were announced and the Commerce Department’s GDP numbers
came in weaker than expected.

June crude futures closed higher by
0.8% to $64.01 per barrel
after the EIA report showed an unexpected decline in U.S.
inventories. Gold
futures for August delivery climbed 1.1% to $66.70 an ounce.

Around Europe, France’s CAC 40 Index
rose 1% to close at 6,104.00, Germany’s DAX rose 1.5% to 7,883.04,
and Britain’s FTSE 100 added 0.3% to 6,621.40.

Today’s

PowerRatings Heat Map has become more bearish after yesterday’s runup. The
weakest looking sectors are currently Computer Software, Drugs,
and Specialty Retail.
Click here for a free trial to see all
33 market sectors.



Click here to see our new list of indicators that includes

Gaps Down 5% or More,

2-Period RSI Below 2,

Stocks Up 10% or More.  Historically proven edges make
these a great place to start making a watch list. 


Stocks in
Motion

Wachovia
(
WB |
Quote |
Chart |
News |
PowerRating) To Buy A.G. Edwards
(
AGE |
Quote |
Chart |
News |
PowerRating) For $6.8
Bln Cash And Stock (full
story). WB shares fell 0.6%, while AGE shares jumped 14%.

Sears Holdings
(
SHLD |
Quote |
Chart |
News |
PowerRating) Q1 Profit Rises 20% On One-time
Gains; Adj. EPS Drops, Misses Estimate; Revenue Down 2.5% (full
story).  SHLD shares fell by 2.2%.

Costco
Wholesale
(
COST |
Quote |
Chart |
News |
PowerRating) Q3 Profit Drops On Charges; Adj. EPS Rises 14%,
Matches Street View; Revenue Up 10.4% (full
story). COST shares lost 0.6%.

Tiffany
(
TIF |
Quote |
Chart |
News |
PowerRating)
Q1 Profit Rises 15% On Higher Net Sales; Comps Up 9%; EPS, Sales Top Street
Views; Guides FY07 (full
story).  TIF shares finished fractionally higher.

Motorola
(
MOT |
Quote |
Chart |
News |
PowerRating) To Cut 4000 More Jobs; To Take
Additional Charges (full
story).  MOT shares closed down 0.4%.

TiVo
(
TIVO |
Quote |
Chart |
News |
PowerRating) Turns To A Profit In Q1, Revenue Up 6.4% (full
story).  TIVO shares lose 1.25%.

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

Market Snapshot

Dow

 -5.44 13,627.64

NASDAQ

 +11.88 2,604.47

S&P 500

 +0.39 1,530.62

 

 NYSE NASDAQ

Volume

 3,240,853,000 2,280,799,000

Advances

 1817 1764

Declines

 1400 1305

Up Volume

 1501 1369

Down Volume

 1221 714

New Highs

 344 217

New Lows

 28 36


   



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Securities Broker/Dealer Index (XBD) Deutsche Bank Energy Bank Sector Index (DXE)
Amex Networking Index (NWX) S&P Banking Index (BIX)
Nasdaq Other Finance Index (OFINX) Amex Natural Gas Index (XNG)


Economic
News

Help Wanted-Index
29 vs 30 consensus

Construction Spending +0.1% vs
+0.1% consensus

Chicago PMI 61.7 vs 54.0 consensus

GDP-prel +0.6% vs +0.8% consensus

Chain Deflator-prel 4.0% vs +4.0% consensus

Initial Claims 310K vs 315K consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com