DJIA Tacks On 46.24 pts (0.44%)Japan's attempts to protect the yen didn't bode well for dollar-denominated commodities
Stocks initially resumed their selling spree today, but eventually clawed their way north of breakeven as the Street shrugged off a dose of lackluster data. More specifically, the New York Federal Reserve Bank said its Empire State manufacturing index fell to 4.1 in September from 7.1 in August, defying expectations for a rise to 7.5 and marking the index's lowest reading since July 2009. In a separate report, the Fed said U.S. industrial production slowed from July to August, though the bulls took solace in the 14th straight month of expansion. In the same vein, the major market indexes essentially turned a blind eye to Japan's first currency intervention in six years, with stocks extending their lead through the closing bell.
"The bulls took charge late in the day," observed a Wall Street dealer," However, he cautions, "don't get too excited, as the S&P 500 Index (SPX) is still near the upper end of its post-'flash-crash' trading range. Nonetheless, tech has already broken out – which could signal that the overall market is soon to follow."
The Dow Jones Industrial Average (DJIA – 10,572.73) accelerated its run higher as the session progressed, finishing with a gain of 46.2 points, or 0.4%, to end north of the 10,550 level for the first time since Aug. 10. By the close, 20 of the Dow's 30 blue chips finished in the black, with Travelers Companies (TRV) pacing the advancers, while United Technologies Corp. (UTX) led the 10 lagging equities.The S&P 500 Index (SPX – 1,125.07) also finished near its session highs, adding nearly 4 points, or 0.4%, to notch its third straight close atop its 200-day moving average. Not to be outdone, the Nasdaq Composite (COMP – 2,301.32) extended its winning streak to six consecutive sessions, rallying 11.6 points, or 0.5%, to settle above the round-number 2,300 level for the first time since Aug. 9.
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