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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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The Week In Review

1/3/14

The major averages wrapped up the week on a mixed note as the Dow Jones Industrial Average added 0.2% while the Nasdaq shed 0.3%. For its part, the S&P 500 ended flat.
Today's mixed finish was an appropriate reflection of a session that featured some mixed signals. On that note, seven of ten sectors ended in the red but market breadth remained positive throughout the trading day. In all likelihood, light volume played a part as some participants were kept away by the winter storm that has encompassed the Northeast. At the end of the day, only 533 million shares changed hands on the NYSE floor.
Stocks began the session on an upbeat note, but the Nasdaq was quick to slip from its early high. The index was pressured by its largest component, Apple (AAPL 540.98, -12.15), which lost 2.2%. Biotechnology also weighed on the Nasdaq as the iShares Nasdaq Biotechnology ETF (IBB 226.03, -1.06) shed 0.5%. The health care sector; however, outperformed with a gain of 0.2%.
The S&P 500 followed in the footsteps of the Nasdaq in the early afternoon, but the indices diverged once again during the final hour when the S&P 500 made an unsuccessful run at its opening high.
Seven sectors posted losses while financials (+0.6%), health care (+0.2%), and industrials (+0.3%) spent the entire session in the green.
Notably, the financial sector was underpinned by large banks as Bank of America (BAC 16.41, +0.31), Citigroup (C 53.40, +1.13), and JPMorgan Chase (JPM 58.66, +0.45) all gained between 0.8% and 2.2%.
Elsewhere, gains in the industrial sector were paced by airlines. Delta Air Lines (DAL 29.23, +1.53) and United Continental (UAL 39.95, +2.22) soared 5.5% and 5.9%, respectively, while the broader Dow Jones Transportation Average added 0.5%.
Switching gears, the commodity market saw a replay of Thursday as oil fell while gold rallied. Crude oil slid 1.6% to $93.96/bbl while gold futures advanced 1.1% to $1238.40/ozt.
Treasuries ended little changed with the 10-yr yield at 2.99%.
On Monday, November Factory Orders and the December ISM Services Index will both be reported at 10:00 ET.

Russell 2000 -0.6% YTD
DJIA -0.6% YTD
S&P 500 -0.9% YTD
Nasdaq -1.1% YTD
Week in Review: Shaky Start to 2014

Monday's session did not generate much excitement as the S&P 500 ended flat after spending the entire trading day inside of a four-point range. Interestingly, while the S&P 500 was challenged by its flat line throughout the session, the Dow Jones Industrial Average held just above its unchanged level for the duration of the day. The price-weighted Dow saw 19 of its 30 components finish in the green, but shares of Disney (DIS 76.11, -0.16) stood out with a 2.5% gain. The noteworthy strength ensued after Guggenheim upgraded the stock to 'Buy' from 'Neutral.'

On Tuesday, the major averages wrapped up a memorable year with a forgettable final session. The S&P 500 added 0.4%, extending its 2013 price return to 29.6%. Given its banner year, it was appropriate for the index to end 2013 at a fresh all-time high of 1848.35. The Dow Jones Industrial Average soared 26.5% in 2013 and ended at a record high of its own. Although the Dow (+0.4%) and S&P 500 (+0.4%) saw comparable gains on Tuesday, the Nasdaq (+0.5%) fared a bit better. That was the theme throughout the year as the tech-heavy index rallied 38.3%.

Bond and equity markets were closed on Wednesday for New Year's Day.

On Thursday, the S&P 500 exhibited a bit of a hangover in its first session of 2014. The benchmark index fell 0.9% as all ten sectors registered losses. Stocks were pressured from the opening bell as cautious action in Europe weighed on the early sentiment. In all likelihood, the slide caught a number of participants off guard given the understanding that the first few days of a new year are known to have a favorable bias with inflows into IRA accounts, bonus money being put to work, and new money coming off the sidelines. That did not happen today as sellers maintained control throughout the trading day. Energy (-1.3%), industrials (-1.3%), and technology (-1.1%)slipped behind the broader market at the open and their underperformance weighed for the remainder of the session.