Wall Street Reaches Another Milestone

  • May 21, 2007
  • Darren Wong

The S&P 500 Index set a new 7-year intraday high at
1,529.87 before pulling back slightly before the close. 
Amazon and Alltel led the S&P 500 Index with gains of 8% and 7%
respectively.

June crude futures rose 2.1% to close
at $66.27 per barrel
after refineries stepped up production to meet this summer’s
increasing demand. 
June gold futures rose 0.3% to $663.80
an ounce.

Around Europe, Germany’s DAX Index
rose 0.15% to close at 7,619.31, France’s CAC 40 lost 0.18% to
6,089.91, and Britain’s FTSE 100 Index lost 0.06% to 6,636.80.

Today’s

PowerRatings Heat Map has turned bearish once again after the recent
rallies.  Buying after strong rallies increases risk greatly. 
The weakest looking sectors are Electronics, Metals and Mining,
and Materials and Construction. 


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

Texas Pacific And Goldman Sachs Capital Partners Seal Deal To Buy
Alltel
(
AT |
Quote |
Chart |
News |
PowerRating) With A $27.5 Bln Offer (full
story).  AT shares rose 7%.

Hologic
(
HOLX |
Quote |
Chart |
News |
PowerRating)
To Buy Cytyc
(
CYTC |
Quote |
Chart |
News |
PowerRating) For About $6.2 Bln In Cash And Stock; Guides
FY08 (full
story).  HOLX shares lost 6.3%, while CYTC shares jumped 22.5%.

DTE Energy
(
DTE |
Quote |
Chart |
News |
PowerRating) Agrees To Sell Its Antrim Shale
Properties For $1.225 Bln (full
story).  DTE shares added 1.5%, while ATN shares jumped 15%.

GE
(
GE |
Quote |
Chart |
News |
PowerRating) To Divest Plastic Unit For $11.6 Bln, Lifts
FY07 Share Buyback Program (full
story).  GE shares added 0.6%.

Challenging
Sales Environment Drags Lowe’s
(
LOW |
Quote |
Chart |
News |
PowerRating) Q1 Profit Down; Guides Q2; Trims
FY07 View (full
story).  LOW shares fell 3%.

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

Market Snapshot

Dow

 -13.65 13,542.88

NASDAQ

 +20.34 2,578.79

S&P 500

 +2.35 1,525.10

 

 NYSE NASDAQ

Volume

 3,393,559,000 1,919,225,000

Advances

 1901 1984

Declines

 1323 1075

Up Volume

 2042 1397

Down Volume

 1126 454

New Highs

 324 215

New Lows

 21 50


   



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
GSTI Internet Index (GIN) Morgan Stanley Healthcare Products Index (RXP)
CBOE Internet Index (INX) Amex Pharmaceutical Index (DRG)
Dow Jones Internet Commerce Index (ECM) S&P Banking Index (BIX)


Economic
News

No economic reports
released today.

Darren Wong

Associate Editor

darrenw@tradingmarkets.com