The Stock List: Buyers Bid Financials Higher as Stocks Rally Into the Close
Despite continued global growth concerns (see ^C^), traders were buyers in banking and financial stocks ahead of the final trading day of the week. Up after one-day pullbacks below the 200-day moving average were stocks like ^MS^, gaining more than 6%, and Goldman Sachs ^GS^, up more than 3%.
In technology, profit-taking was the order of the day as semiconductor stocks like ^AMD^ sold off by more than 13%. More on the sell-off in semiconductor stocks below.
A number of gold stocks remain under strong selling pressure. While shares of ^NEM^ finished higher by more than 1%, miners like ^RGLD^ have closed lower for seven days in a row after rallying to new, yearly highs just last week. More on gold miners below.
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Here are 7 Stocks You Need to Know for Friday
Are ^AAPL^ shareholders feeling the heat from Kindle’s Fire? Shares of Apple have pulled back for four days in a row above the 200-day moving average to finish in oversold territory ahead of trading on Friday for a second straight session.
Within the move higher in the financials were especially strong performances by insurance companies like ^AFL^. AFL has closed higher for three out of four days below the 200-day moving average and is likely to end the week in overbought territory on any significant buying on Friday. The stock finished higher on Thursday by 6%.
In addition to Yamana Gold noted above, shares of ^GOLD^ are also pulling back toward oversold territory above the 200-day moving average. The sell-off in GOLD takes the stock to new 10-day closing lows ahead of Friday’s session.
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With widespread selling in the semiconductor sector, shares of ^INTC^ are among the few from the sector still trading above their 200-day moving average. INTC pulled back for a second day in a row on Thursday, but is not technically oversold.
Looking for financials on sale above the 200-day? Shares of ^DFS^ have pulled back above their 200-day moving average for three days in a row, finishing in oversold territory and at new 10-day lows.
Traders took profits in ^AMZN^, sending the stock to new, 10-day closing lows during a pullback of more than 3%. Also closing at new, 10-day closing lows above the 200-day moving average were shares of ^CMG^. Shares of CMG have pulled back for three days in a row and finished Thursday’s session just outside of oversold territory.
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David Penn is Editor in Chief of TradingMarkets.com