ZLBT Chats

Wednesday, November 16, 2011

WALL STREET : Domestic Data Trumps European Debt Drama

Stocks Tick Higher as Bullish U.S. Data Trump Euro Fears
Despite a rough start to the session, U.S. stocks ended higher today, as upbeat domestic data overshadowed the latest European debt drama. Instead of focusing on lackluster gross domestic product (GDP) growth in the euro zone, or soaring Italian and Spanish bond yields, traders took the glass-half-full approach and celebrated a round of home-grown economic reports. Most notably, traders applauded stronger-than-expected retail sales figures, as well as the Empire State manufacturing index's first foray into positive territory since May. Against this sunny-side-up backdrop, all three major market indexes clawed their way to modest gains by the close.
 The Dow Jones Industrial Average (DJIA – 12,096.16) traded in a range of nearly 165 points today, but settled with a gain of 17.2 points, or 0.1%, by the bell. Seven of the Dow's 30 blue chips bucked the trend, with Chevron (CVX) leading the decliners with a loss of 2.7%, and Boeing (BA) and 3M Company (MMM) finishing right where they started. On the flip side, Hewlett-Packard (HPQ) paced the 23 advancing equities with a 3.4% gain.
Likewise, the S&P 500 Index (SPX – 1,257.81) spent a healthy amount of time on both sides of the breakeven line, but notched a gain of 6 points, or 0.5%, when all was said and done. Finally, the Nasdaq Composite (COMP – 2,686.20) fared the best of the three, bouncing back from an early deficit to end about 29 points, or 1.1%, higher.


No comments:

Post a Comment