Stocks Drift Higher on Eve of Senate Jobs Bill Vote, GOP Debate
Traders took a moment to digest the gains from the market’s big surge higher on Monday. Technology stocks remained a source of attraction for buyers, with gains in Sprint (more on Sprint below) and ^CTXS^ examples of the sector’s relative strength.
The economy will be center stage both in Washington and in New Hampshire as the Senate moves toward a vote on the American Jobs Act and GOP hopefuls assemble for a debate on the economy at Dartmouth College.
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Here are 7 Stocks You Need to Know for Wednesday
Scheduled to announce quarterly earnings on Wednesday are both ^PEP^ and ^HST^.
Shares of Pepsico dropped by more than 1% on Tuesday, closing lower after rallying for four out of the past five trading days. The stock rallied into overbought territory below the 200-day moving average on Monday.
Pulling back by nearly 1% ahead of its earnings announcement, HST is retreating from an advance to short-term highs.
After two days of sharp selling, shares of ^S^ rallied by more than 7% to lead the S&P 100 higher ahead of trading on Wednesday. Sprint was among the stocks highlighted in yesterday’s 7 Stocks You Need to Know.
^BIDU^ finished higher for a second day in a row on Tuesday, the stock’s fifth higher close out of the past six trading days. BIDU’s rally takes the stock into overbought territory for the first time since the stock fell below its 200-day moving average in late September.
On a day when most growth stocks were advancing, shares of ^LNKD^ pulled back by well over 2%. LNKD has been rangebound since bouncing from oversold territory three weeks ago.
Rallying to new closing highs for the year, shares of ^DECK^ are overbought and increasingly due for a short-term profit-taking. DECK has gained more than 18% in the six days since closing in oversold territory above the 200-day.
Up more than 5% and rallying to new short term highs, ^C^ was one of the better performing financial stocks in Tuesday’s session. Citigroup is our Daily Double 7s stock for Wednesday.
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David Penn is Editor in Chief of TradingMarkets.com