S&P 500 1,152.78 +.59%
DJIA 10,127.41 +.56%
NASDAQ 1,932.36 +1.02%
Russell 2000 594.94 +1.64%
DJ Wilshire 5000 11,368.29 +.77%
S&P Barra Growth 566.84 +.47%
S&P Barra Value 591.65 +.72%
Morgan Stanley Consumer 576.08 +.09%
Morgan Stanley Cyclical 705.41 +1.01%
Morgan Stanley Technology 432.55 +1.50%
Transports 3,448.73 +1.28%
Utilities 363.70 +1.36%
Put/Call .95 -1.04%
NYSE Arms 1.10 +17.57%
Volatility(VIX) 14.96 -9.66%
ISE Sentiment 156.00 +17.29%
US Dollar 83.76 -.29%
CRB 304.03 +2.13%
Futures Spot Prices
Crude Oil 52.27 -.04%
Unleaded Gasoline 156.75 -.17%
Natural Gas 7.06 +.21%
Heating Oil 149.05 -.17%
Gold 435.20 +.18%
Base Metals 126.30 +1.33%
Copper 147.50 +.24%
10-year US Treasury Yield 4.21% -1.39%
Leading Sectors
Networking +4.49%
Oil Tankers +4.09%
Steel +3.52%
Lagging Sectors
Tobacco +.10%
Drugs +.09%
Airlines -.43%
Evening Review
Detailed Market Summary
Daily ETF Performance
Style Performance
Market Wrap CNBC Video(bottom right)
S&P 500 Gallery View
Timely Economic Charts
PM Market Call
After-hours Movers
Real-time/After-hours Stock Quote
In Play
Afternoon Recommendations
Goldman Sachs:
- Reiterated Outperform on WFC, PFE, GILD, USB, UDR and YHOO.
Afternoon/Evening Headlines
Bloomberg:
- Fitch Ratings’ view of GM credit rating did not change after it had a first-quarter net loss of $1.1 billion, its biggest quarterly loss in 13 years.
- Citigroup will consider making acquisitions later this year after addressing Federal Reserve concerns that its internal controls were inadequate.
- GM is prepared to tap into a $20 billion fund for retirees’ health care for the first time in four years if it needs the cash to operate.
- US 10-year Treasury notes surged after a measure of wholesale prices climbed less than forecast, easing concern about faster inflation.
- Yahoo! said first-quarter profit more than doubled as it sold more advertisements that appear on its Web pages and alongside search results.
- Intel Corp. said first-quarter profit rose 25% after demand surged for its Centrino laptop chips and the company boosted production.
- Crude oil rose almost $2 a barrel, the biggest gain in eight weeks, amid speculation that growing gasoline demand will erode US inventories and strain the ability of refineries to make enough of the fuel.
BOTTOM LINE: US stocks finished higher today on lower long-term interest rates, short-covering and bargain-hunting. The Portfolio finished slightly higher on gains in my Homebuilding, Computer, Networking and Gaming longs. I added a few new longs from various sectors in the afternoon, thus leaving the Portfolio 125% net long. One of my new longs is DRIV and I am using a $28 stop-loss on this position. The tone of the market improved into the afternoon as the advance/decline finished near its daily highs, almost every sector rose and volume was about average. Measures of investor anxiety were mostly lower into the afternoon. Overall, today’s market action was positive, considering the rise in energy prices and worries over GM. US stocks are responding well after-hours to several major tech company reports. A decline in energy prices or another decline in long-term rates could result in a more vigorous rally tomorrow than I currently anticipate.
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