The Week In Review
3/1-3/5/10March 5, 2010
U.S. stocks opened higher on Friday after a better-than-expected jobs report for February lifted equities, commodities and the dollar. The Dow Jones Industrial Average added 53 points to 10,497. The S&P 500 Index gained 6 points to 1,129. The Nasdaq Composite Index climbed 11 points to 2,303. The retailers look good once again following a strong Thursday. Abercrombie & Fitch, Foot Locker, Gymboree, and Dicks are higher on upgrades. Sanderson Farms and Tyson Foods are lower on downgrades. The financials are higher except for Capital One. Capital One is lower on a downgrade. The techs are quiet this morning. Marvell is down 2% following earnings last night. Google and Apple continue to perform well. Apple announced the release of the Ipad on April 3rd. Two firms upgraded Google. In the commodity space Potash, Mosaic, and Agrium are higher on upgrades. After the first half an hour the Dow rose 70 points above 10500. The Nasdaq 16 points above 2300. So far so good. Through the morning the averages sold off a little bit, then rallied once again. In the afternoon the averages remained pushed a little higher with the Dow rising over 100 points. The Nasdaq improved by 30 points. Most sectors are performing well. The correction seems to be over. In the last hour the averages kept improving. The Dow Jones Industrial Average added 122 points, or 1.2%, to close at 10,566, leaving it up 2.3% for the week. The S&P 500 Index climbed 15 points, or 1.4%, to 1,138, a weekly advance of 3.1%. The Nasdaq Composite rose 34 points, or 1.5%, to 2,326, up 3.9% from the week-ago close.
March 4, 2010
U.S. stocks opened modestly higher Thursday after weekly jobless claims data and improving retail sales lifted sentiment. The Dow Jones Industrial Average added 30 points to 10,427. The S&P 500 Index rose 2 points to 1,121. The Nasdaq Composite Index inched up a point to 2,282. The retail sector looks great this morning thanks to better than expected February same store sales numbers. Target, Aeropostale, and Dillards are up 2% or better following their monthly sales numbers. Abercrombie & Fitch is jumping 10% following February sales. Morton Restuarants, Coldwater Creek, Del Monte, Petsmart, Foot Locker, and Urban Outfitters are all up over 3% following earnings. Walmart is up a percent after lifting their dividend. Coke, Disney, and Boeing are up 2% on upgrades. Pier 1 and Family Dollar are higher after lifting sales numbers. Anheuser Busch is down 3% after confessing that 2010 has been a tough slog so far. The financials are modestly higher even though there are a number of cautious comments out from the analysts. Capital One, M&T Bank, and Suntrust had their numbers cut due to fears of higher capital requirements, however, the stock is higher. Goldman Sachs and the big banks are performing well. After the first half an hour the Dow rose 50 points while the Nasdaq inched up just 7 points. The techs are struggling so far this morning. Google is one of the best performing techs up 1.5%. Apple is also higher. As the morning progressed the averages gave up their gains similar to the last three days. The commodities are under pressure this morning. In the afternoon the averages recovered. The financials, in particular, Goldman are performing well. Metlife jumped 3% on news they may be able to buy an AIG division. In the tech sector Google and Apple look good. In the last hour the averages kept improving. The Dow Jones Industrial Average finished up 47 points at 10,444, with the index now in the black for the year. Up for a fifth consecutive session, the S&P 500 Index rose 4 points to 1,122. The Nasdaq Composite Index added 11 points to 2,292.
March 3, 2010
U.S. stocks opened modestly higher Wednesday to extend gains into a fourth day as investors await Friday's big employment report. The Dow Jones Industrial Average rose 11 points to 10,418. The S&P 500 added a point to 1,119. The Nasdaq Composite climbed a point to 2,282. Very little news to start the day. On the earnings front Joy Gobal, Hovnanian, and Big Lots are higher after beating estimates. BJs and Costco are lower after missing estimates. All sectors seem to be performing well. Within the financials Eaton and Blackstone are higher on upgrades. In the tech sector Akamia and Microsoft are higher on upgrades. Through the morning the averages improved with the Dow rising 50 points and the Nasdaq improving by 12 points. The commodities have been performing well. Freeport McMoRan is higher on an upgrade. In the afternoon the Volcker Rule reared it's ugly head once again causing the financials to sell off. The President made a last ditch effort to pass the healthcare bill, and the Beige Book was released showing some modest economic improvement. Even so the averages sold off similar to yesterday. Volume is light. In the last hour no major changes. The Dow Jones Industrial Average finished down 9 points at 10,396. The S&P 500 Index added half a point to end at 1,118 while the Nasdaq Composite Index finished down 11 cents at 2,280.
March 2, 2010
U.S. stocks opened higher on Tuesday for a third day of gains as fears subsided about debt-ridden Greece. The Dow Jones Industrial Average added 37 points to 10,440. The S&P 500 Index rose 3 points to 1,119. The Nasdaq Composite Index climbed 8 points to 2,282. Within the first hour the averages were acting pretty well. The Kansas City Federal Reserve President Thomas Hoenig reiterated in a televised interview on CNBC that the Federal Reserve should not guarantee zero-percent interest rates for an extended period. Those comments brought in some selling particularly within the financials, although that's exactly what is needed. The averages did rebound through the morning, but then in the last two hours of trading the averages gave up their gains once again, but remained in positive territory. The Dow Jones Industrial Average finished up 2 points at 10,405. The S&P 500 Index added 2 points to close at 1,118. The Nasdaq Composite Index climbed 7 points to 2,280.
March 1, 2010
U.S. stocks open higher to start March after AIG agreed to sell their largest asset to Prudential for $35.5 billion. The Dow Jones Industrial Average climbed 45 points to 10,370. The S&P 500 Index added 5 points to 1,109 while the Nasdaq Composite Index rose 15 points to 2,253. So far so good this morning. Prudential is up a percent on the AIG purchase agreement. AIG is up 7%. On the earnings front Dillards is up 11% on strong earnings. Rowan, El Paso, and Dish Network are all higher following earnings. HSBC is down 7% following lackluster earnings. At 10 o'clock a weaker than expected manufacturing number did little to deter the bulls. The tech sector is performing well. Sandisk, Marvell, Apple, and Research in Motion are higher on upgrades. The financials are quiet. The commodities are performing well. The earthquake in Chile has caused copper prices to jump. After the first hour the averages inched higher with the Dow up 60 points and the Nasdaq up 25 points. Through the morning and into the afternoon the averages remained strong near the highs of the day even as the financials gave up their gains. Through the afternoon the averages remain near the highs of the day with only the financials not participating. Volume is light. The averages did rally into the close. The Dow Jones Industrial Average rose 78 points to 10,403. The S&P 500 Index climbed 11 points to 1,115. The Nasdaq Composite gained 35 points to 2,273.