It was a mixed day for the equities market, as traders considered hot and cold economic reports. The most disturbing news probably came from the Labor Department, which noted an increase of 12,000 in weekly jobless claims -- defying economists' expectations for a decline. Adding to that bearish momentum was the Conference Board, whose index of leading economic indicators improved by a smaller-than-expected margin in May. Meanwhile, the Philadelphia Fed reported that factory operations in the region improved in June, but at a frustratingly sluggish pace. However, a successful Spanish bond auction helped to offset some of the gloom and doom -- as did a benign report on consumer-level inflation from the Labor Department. The net result? Well... not much.
"The phrase we used on the floor numerous times today was that the day's action was like watching paint dry," said Senior Technical Strategist Ryan Detrick. "Nonetheless, you have to be impressed with the two slight up days following Tuesday's 213-point explosion. All in all," concluded Detrick, "the action looks nice and the bulls are in charge. "
The Dow Jones Industrial Average (DJIA – 10,434.17) ended an up-and-down day with a modest gain of 24.7 points, or 0.2%, as 17 of its 30 components closed higher. Travelers Companies (TRV) and General Electric (GE) paced the advancing equities, while Alcoa (AA) swallowed the day's steepest decline. The Dow maintained its grip on its 10-day moving average, as well as the 10,400 level.The S&P 500 Index (SPX – 1,116.04) ended narrowly higher, tacking on 1.4 points, or 0.1%. Despite a few intraday breaches, the SPX held steady above the key 1,100 region.
Finally, the Nasdaq Composite (COMP – 2,307.16) followed suit with its own slim advance of 1.2 points, or 0.1%. The COMP is now poised to challenge short-term pressure from its 20-week moving average, which hasn't been surmounted on a weekly closing basis since mid-May.
No comments:
Post a Comment