ZLBT Chats

Saturday, February 25, 2012

WALL STREET : Dow Failed To Sustain Above 13K, Again.

SPX & Nasdaq closes at highest since June 2008

Crude Oil tops $109 a barrel

U.S. stocks were little moved today, as the busy-but-abbreviated week -- which included a Greek bailout deal, a slew of corporate earnings, and a surge in crude oil prices -- came to an end. On the economic front, Wall Street sifted through a stronger-than-expected consumer sentiment index reading and a hot-and-cold home sales report. Meanwhile, well-received quarterly reports from the likes of Salesforce.com (CRM) and OmniVision Technologies (OVTI) helped lure some buyers off the sidelines, but today's new nine-month peak for crude -- prompted by familiar supply concerns -- leveled things out a bit, pulling the major market indexes back toward breakeven as the session wrapped up. Against this backdrop, however, both the Dow Jones Industrial Average (DJIA) and Nasdaq Composite (COMP) were able to tag new highs.

The Dow Jones Industrial Average (DJIA – 12,982.95) touched the 13,013.82 level early in the session -- its loftiest price since May 2008 -- but ultimately ended the day down 1.7 points, or 0.01%. Among the Dow's 30 components, 16 finished lower, led by a 1.8% decline for Bank of America (BAC). American Express (AXP) paced the bullish minority with a 1.3% gain. For the week, the blue-chip barometer inched up 0.3%.

The S&P 500 Index (SPX – 1,365.74) added 2.3 points, or 0.2%, to close at its highest level since June 2008. For the week, the broad-market barometer turned in a 0.3% increase. 

The tech-rich Nasdaq Composite (COMP – 2,963.75) ended the day up 6.8 points, or 0.2%, and finished the week with a 0.4% trek into positive territory. Near midday, the COMP hit the 2,970.88 level -- its highest point since December 2000.


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