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All major US indices break four weeks of consecutive gains, closing to the downside on Friday, after a drop in consumer sentiment data in August.
Shortly after the March lows, we wrote a story about the tech led rally. In the article, we pointed out which tech stocks were leading and which were lagging. Now, as one of our readers wrote in, the story has changed and he has profited from it.
Around 2:15 pm EST today, the Federal Reserve's Open Market Committee will make its announcement on the Fed Funds Target Rate. What may we expect?
Priceline.com was up 14% yesterday after beating Q2 earnings estimates on strong sales and bookings and guiding above expectations for its current third quarter. The company noted that its results have been and continue to be helped by strong demand for leisure travel this summer, which has been spurred by lower prices via heavy discounting.
The Dow Jones Transportation Average strongly outperformed the other major indices on Friday, rising 4 percent on broad strength from truckers YRC Worldwide (YRCW) and Ryder (R), railroads CSX (CSX) and Norfolk Southern (NSC), and airlines AMR (AMR) and Continental Airlines (CAL).
On a week where the US markets once again hit new highs for 2009, and the 4th consecutive week of gains helped by the better-than-expected jobs report, the major indexes are all up about 2% or greater for the week, except for the NASDAQ which ended up only about 1% for the week.
As the economy recovers, consumers are expected to open their wallets a bit more. Where those dollars go will partly depend on how companies have treated their customers. Here are three stocks that may see gains in the months ahead.
The latest overall job loss numbers showed a loss of 247,000 jobs in July and the unemployment rate fell to 9.4%, the fewest losses since August last year. The June and May numbers were revised downward as well. Here is a breakdown of where the job losses were as well as which sectors were adding jobs.
The S&P 500 is now up over 11% year-to-date and up over 50% since the March lows. By comparison, the utility sector is down over 1% YTD and up ~30% since its March low and has been the second worst performing sector of this rally (only telecom is worse).
With the NASDAQ enjoying a sizable surge over the past couple of months, momentum plays seem to be back on the radar for many investors.
The Dow, S&P 500 and Nasdaq Composite are trading at levels not seen since the Fall of 2008. As the stock market gains steam, the following statistic may provide guidance to investors as per where the markets stand relative to previous levels.
The U.S. Dollar continues its slide, with the Dollar Index falling to its lowest levels since the end of September. Capitalizing on this dollar weakness are commodities.
Now that we closed July and the U.S. major Indexes rose more than 7% last month with the Dow posting its best July since 1989, let's take a look forward. Here are the historical averages for the Dow, S&P, and Nasdaq Composite for August. Historically and on average, the Dow has fared best of the major indexes in August as it has been up 64% of the time during this month.
US markets hit the highest levels of 2009 enforcing a summer rally, and turned in the best July since 1989 for the Dow, and 1997 for the S&P and Nasdaq. Additionally, July was the best monthly performance for the Dow since October, 2002, and April, 2009 for the S&P and Nasdaq.
As highlighted yesterday, the stock markets have been on fire this July, turning up the summer heat with the Dow and S&P now on pace for their best July in twenty and twelve years respectively. For the month (as of the close today), the Dow is up 8.6%, the S&P is up 7.4%, and the Nasdaq is up 7.8%.
As the markets continue to surge ahead, the equities on the Nasdaq and New York Stock Exchange continue to hit new highs. 61 companies on the NYSE and a whopping 116 companies on the Nasdaq hit new 52-week highs yesterday.
As of 2pm, MTD the Dow, S&P and NASDAQ were up 9.3%, 8.2% and 8.9%. This would put the Dow on track for its best July since 1939.
On Friday, July 24th, the S&P 500’s 100-day moving average overtook its 200-day moving average, an event known to Wall Street technicians as a Golden Cross (a shorter-term average crossing a longer-term one, from below to above). A month ago, we saw another Golden Cross, when the 50-day average moved above the 200-day average.
So far this quarter, only one S&P healthcare company, Aetna, has missed its consensus EPS estimate. This week there are over 20 more healthcare companies reporting. Yesterday after the bell Amgen blew the cover off the ball with a 40% rise in earnings and this morning, Teva Pharmaceuticals beat by three cents per share.
In the final minutes of trading the bulls foiled the bears and sent both the S&P 500 and Dow higher as investors rotated into financials...