S&P 500 1,362.83 +.95%
DJIA 11,947.70 +.81%
NASDAQ 2,346.18 +1.64%
Russell 2000 757.09 +2.07%
Wilshire 5000 13,628.70 +1.07%
S&P Barra Growth 631.36 +.94%
S&P Barra Value 729.50 +.97%
Morgan Stanley Consumer 656.91 +.32%
Morgan Stanley Cyclical 852.58 +.88%
Morgan Stanley Technology 549.63 +1.38%
Transports 4,645.49 +1.15%
Utilities 434.70 +.37%
Put/Call .82 -9.89%
NYSE Arms .73 -18.03%
Volatility(VIX) 11.09 -4.56%
ISE Sentiment 123.0 unch.
US Dollar 86.90 -.25%
CRB 299.73 +.64%
Futures Spot Prices
Crude Oil 58.24 +1.13%
Unleaded Gasoline 146.21 +.81%
Natural Gas 5.78 -5.97%
Heating Oil 169.72 +1.50%
Gold 582.50 +.38%
Base Metals 237.62 +1.20%
Copper 338.65 unch.
10-year US Treasury Yield 4.76% -.21%
Leading Sectors
Restaurants +3.08%
Airlines +2.90%
Steel +2.56%
Lagging Sectors
Foods +.42%
Utilities +.37%
Insurance +.32%
Evening Review
Detailed Market Summary
Market Gauges
Daily ETF Performance
Style Performance
Market Wrap CNBC Video(bottom right)
S&P 500 Gallery View
Economic Calendar
Timely Economic Charts
GuruFocus.com
PM Market Call
After-hours Movers
Real-time/After-hours Stock Quote
In Play
Afternoon Recommendations
Merrill Lynch:
- Upgraded (TWX) to Buy.
Afternoon/Evening Headlines
Bloomberg:
- US stocks soared, pushing the Dow Jones Industrial Average above 11,900 for the first time in history, as earnings from companies including McDonald’s Corp.(MCD) eased concern that analysts’ profit estimates are too high.
- President Bush said the US must keep its focus on finding alternative energy sources despite the recent plunge in gas prices.
- Natural gas prices plunged another 6% in NY after a US report showed storage supplies of the fuel surged to the highest level ever.
- The Federal Reserve said consumer spending and demand for services quickened across the US last month even with “widespread cooling” in the housing market, evidence the economy may be poised for a so-called soft landing.
Wall Street Journal:
- Most private economists in a Wall Street Journal survey favored stricter regulations for hedge funds and said they pose a risk to financial markets.
ABC News:
- The British suspects accused of plotting to blow up flights headed from London to the US planned to hide their detonators inside hollowed-out AA batteries.
BOTTOM LINE: The Portfolio finished higher today on gains in my Computer longs, Medical longs, Semi longs and Retail longs. I did not trade in the final hour, thus leaving the Portfolio 100% net long. The tone of the market was very positive today as the advance/decline line finished substantially higher, every sector rose and volume was above average. Measures of investor anxiety were mostly lower into the close. Today's overall market action was very bullish. The 10-year yield was stable throughout the day despite soaring stocks and the Beige Book report. Oil still trades heavy and natural gas appears to have begun another move lower. I expect tomorrow's economic reports to further paint an economic picture of moderate growth and inflation. I sense we are in the very early stages of putting an end to the "U.S. secular bear" mentality that is so pervasive in today's investing environment. There is still massive bull firepower available on the sidelines.
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