The Stock List: Gold Stocks Down as Technology, Banks Rally from Session Lows
Were traders too prepared for the earth-shattering kaboom of the European debt crisis? Stocks opened down on Monday but buyers managed to drive stocks higher in both financial and technology areas over the course of the trading day.
Among financials, credit card issuer ^DFS^ was among the leaders, gaining more than 4%. Within the technology group, ^MU^ closed higher for a fifth day in a row below the 200-day moving average. Shares of MU gained more than 5% to finish in overbought territory for a second straight session.
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Here are 7 Stocks You Need to Know for Tuesday.
While shares of ^MS^ slid to new lows beneath the 200-day moving average, buyers were tempted back into the market for shares of ^GS^ as the stock reached new intraday lows on Monday. GS finished higher by just over half a percent.
Meanwhile, pulling back for a second day in a row above the 200-day moving average were gold mining stocks like ^NEM^, off well over 1%, and ^ABX^, down more than 2%.
Note that neither stock is in technically oversold territory as of Monday’s close.
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As noted in yesterday’s 7 Stocks You Need to Know – and intraday today on our new 7 Stocks You Need to Know Twitter feed (accessible through the free subscriber’s edition of the 7 Stocks You Need to Know newsletter – click here to subscribe) – there is continued strength in semiconductor stocks. Up more than 4% ahead of trading on Tuesday were shares of ^ALTR^, while ^AMD^ gained nearly 3%.
What’s down on an up day? Pulling back for a third straight session above the 200-day moving average heading into Tuesday’s trading are shares of ^CL^. The stock sold-off by more than 1% on Monday.
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David Penn is Editor in Chief of TradingMarkets.com