After a nice rally by the bulls last week, the bears showed up to throw cold water on the party during the first trading session of this holiday-shortened week. With little domestic news on the economy and Corporate America on tap, investors focused most of their attention on news from the other side of the Atlantic, particularly a dour report that surfaced about the health of European banks. Following the lead of several of the European bourses, which reacted poorly to the banking reports, the Dow Jones Industrial Average fell 107 points, to end the day at 10,341.
The U.S stock market opened lower this morning and has not been able to pare its losses, so far. Declining issues are leading the way, outpacing advancing stocks by almost 3-to-1 on the NYSE. The U.S. markets likely followed the move in Europe today. On the Continent, renewed concerns about the banking system have surfaced. As a result, flight-to-quality behavior has been returning in the current session, as investors are buying Treasuries.
Stocks ended the final session before the long Labor Day weekend just the way it had ended the previous three sessions, namely by rising. In fact, just as on Wednesday of last week, the gains were outsized, with the Dow Jones Industrial Average gaining 128 points, and in the process snapping a three-week decline. The Dow is now back up just shy of 10,450, while the NASDAQ, a 34-point winner on Friday, is up at 2,233. Oil is down, meantime, falling below $75 a barrel on Friday, and slipping under $73.50 this morning, falling along with the equity futures, following weaker performances in Asia and Europe overnight and this morning.
It was an impressive week for Wall Street. After a slow start, the U.S. equity market rallied sharply, producing four consecutive days of gains, highlighted by triple-digit advances in the Dow Jones Industrial Average on Wednesday and Friday. The index of 30 bellwether companies rose 2.9% for the five-day period, boosted by a couple of better-than-expected reports on the economy, which has not been the norm this summer. The other major U.S. indexes, the NASDAQ, S&P 500, and Russell, also fared well, registering weekly gains of 3.7%, 3.7%, and 4.3%, respectively.
After a triple-digit advance for the Dow Jones Industrial Average to start the day—buoyed by a better-than-expected report on employment—the index of 30 bellwether companies gave back some of the session’s earlier gains following the issuance of the report on non-manufacturing activity. As we approach the end of the trading week, the bulls are making a solid case to remain in the driver’s seat. We do expect volume to lighten in the afternoon hours ahead of the Labor Day weekend and with Hurricane Earl, and its residual tropical storm, bearing down on parts of the East Coast.
The bulls extended their modest winning streak yesterday, surprisingly so, as they pushed stocks moderately higher a day before the release of the government's key report on employment and unemployment. Often on the day before such a key release, the market just bides its time. The gains, albeit materially less than on Wednesday, when the bull pushed the Dow Jones Industrial Average up 255 points, to better than 10,270, were material nonetheless. In all, the Dow added 51 points, to climb above 10,300. The market's key preoccupation, meantime, remains the overall employment situation.
The U.S. equity market caught its breath today after yesterday’s notable move by the bulls. For the better part of the trading session, stocks traded in a narrow band before breaking out of that range in the late afternoon. Some of the day’s inactivity was probably due to investor unwillingness to commit before the release of tomorrow’s employment data. That report will likely shed some more light on the overall health of the nation’s economy. However, in the last hour some of the earlier caution gave way and by the close, the Dow Jones Industrial Average was up 51 points, to end the day at 10,320. The index of 30 bellwether companies was joined on the positive side of the ledger by the other major U.S. indexes, the NASDAQ, S&P 500, and small-cap dominated Russell 2000.
After a strong statement by the bulls on Wednesday, trading was in a narrow range this morning. Some of the inactivity may be due to the specter of the government’s report on the employment picture due out tomorrow morning; investors appear hesitant to make any big moves before the outcome of the report is known. As of the midday hour on the East Coast, the Dow Jones Industrial Average was up slightly. The other major U.S. indexes, the NASDAQ, S&P 500, and the Russell 2000, have followed suit, with each marginally higher.
The stock market rocketed ahead from the start yesterday, putting the cares of August quickly behind it, in a buying frenzy that carried on from start to finish. So that by the closing bell, the Dow had risen 255 points, or 2.5%, bringing that 30-stock composite up to 10,269. The recently battered NASDAQ, meanwhile, leapt 63 points, while the Standard and Poor's 500 index added 31 points, and the small-cap benchmark Russell 2000 Index soared by 23 points, or better than 3%.
The U.S. stock market got off to a good start today and maintained its momentum for the remainder of the session. The major indexes all closed up over 2% for the day. In the end, advancing issues swamped decliners by about 5 to 1 on the NYSE. All the major market sectors participated in the rally. Among the standouts were the capital goods companies. Caterpillar (CAT) and Deere (DE) both posted big gains. The market likely took its cue from some decent economic news today.
|
Closing Comment - September 7, 2010
After a nice rally by the bulls last week, the bears showed up to throw cold water on the party during the first trading session of this holiday-shortened week. With little domestic news on the economy and Corporate America on tap, investors focused most of their attention on news from the other side of the Atlantic, particularly a dour report that surfaced about the health of European banks. Following the lead of several of the European bourses, which reacted poorly to the banking reports, the Dow Jones Industrial Average fell 107 points, to end the day at 10,341.
Midday Comment - September 7, 2010
The U.S stock market opened lower this morning and has not been able to pare its losses, so far. Declining issues are leading the way, outpacing advancing stocks by almost 3-to-1 on the NYSE. The U.S. markets likely followed the move in Europe today. On the Continent, renewed concerns about the banking system have surfaced. As a result, flight-to-quality behavior has been returning in the current session, as investors are buying Treasuries.
Morning Comment - September 7, 2010
Stocks ended the final session before the long Labor Day weekend just the way it had ended the previous three sessions, namely by rising. In fact, just as on Wednesday of last week, the gains were outsized, with the Dow Jones Industrial Average gaining 128 points, and in the process snapping a three-week decline. The Dow is now back up just shy of 10,450, while the NASDAQ, a 34-point winner on Friday, is up at 2,233. Oil is down, meantime, falling below $75 a barrel on Friday, and slipping under $73.50 this morning, falling along with the equity futures, following weaker performances in Asia and Europe overnight and this morning.
Closing Comment - September 3, 2010
It was an impressive week for Wall Street. After a slow start, the U.S. equity market rallied sharply, producing four consecutive days of gains, highlighted by triple-digit advances in the Dow Jones Industrial Average on Wednesday and Friday. The index of 30 bellwether companies rose 2.9% for the five-day period, boosted by a couple of better-than-expected reports on the economy, which has not been the norm this summer. The other major U.S. indexes, the NASDAQ, S&P 500, and Russell, also fared well, registering weekly gains of 3.7%, 3.7%, and 4.3%, respectively.
Midday Comment - September 3, 2010
After a triple-digit advance for the Dow Jones Industrial Average to start the day—buoyed by a better-than-expected report on employment—the index of 30 bellwether companies gave back some of the session’s earlier gains following the issuance of the report on non-manufacturing activity. As we approach the end of the trading week, the bulls are making a solid case to remain in the driver’s seat. We do expect volume to lighten in the afternoon hours ahead of the Labor Day weekend and with Hurricane Earl, and its residual tropical storm, bearing down on parts of the East Coast.
Morning Comment - September 3, 2010
The bulls extended their modest winning streak yesterday, surprisingly so, as they pushed stocks moderately higher a day before the release of the government's key report on employment and unemployment. Often on the day before such a key release, the market just bides its time. The gains, albeit materially less than on Wednesday, when the bull pushed the Dow Jones Industrial Average up 255 points, to better than 10,270, were material nonetheless. In all, the Dow added 51 points, to climb above 10,300. The market's key preoccupation, meantime, remains the overall employment situation.
Closing Comment - September 2, 2010
The U.S. equity market caught its breath today after yesterday’s notable move by the bulls. For the better part of the trading session, stocks traded in a narrow band before breaking out of that range in the late afternoon. Some of the day’s inactivity was probably due to investor unwillingness to commit before the release of tomorrow’s employment data. That report will likely shed some more light on the overall health of the nation’s economy. However, in the last hour some of the earlier caution gave way and by the close, the Dow Jones Industrial Average was up 51 points, to end the day at 10,320. The index of 30 bellwether companies was joined on the positive side of the ledger by the other major U.S. indexes, the NASDAQ, S&P 500, and small-cap dominated Russell 2000.
Midday Comment - September 2, 2010
After a strong statement by the bulls on Wednesday, trading was in a narrow range this morning. Some of the inactivity may be due to the specter of the government’s report on the employment picture due out tomorrow morning; investors appear hesitant to make any big moves before the outcome of the report is known. As of the midday hour on the East Coast, the Dow Jones Industrial Average was up slightly. The other major U.S. indexes, the NASDAQ, S&P 500, and the Russell 2000, have followed suit, with each marginally higher.
Morning Comment - September 2, 2010
The stock market rocketed ahead from the start yesterday, putting the cares of August quickly behind it, in a buying frenzy that carried on from start to finish. So that by the closing bell, the Dow had risen 255 points, or 2.5%, bringing that 30-stock composite up to 10,269. The recently battered NASDAQ, meanwhile, leapt 63 points, while the Standard and Poor's 500 index added 31 points, and the small-cap benchmark Russell 2000 Index soared by 23 points, or better than 3%.
Closing Comment - September 1, 2010
The U.S. stock market got off to a good start today and maintained its momentum for the remainder of the session. The major indexes all closed up over 2% for the day. In the end, advancing issues swamped decliners by about 5 to 1 on the NYSE. All the major market sectors participated in the rally. Among the standouts were the capital goods companies. Caterpillar (CAT) and Deere (DE) both posted big gains. The market likely took its cue from some decent economic news today.