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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-11-05 04:24 PM
Response to Original message
68. close with blather
Edited on Mon Jul-11-05 04:36 PM by ozymandius
Dow 10,519.72 +70.58 (+0.68%)
Nasdaq 2,135.43 +22.55 (+1.07%)
S&P 500 1,219.44 +7.58 (+0.63%)
10-Yr Bond 4.102 -0.07 (-0.17%)

NYSE Volume 1,810,617,000
Nasdaq Volume 1,731,009,000

Close: Strong follow-through buying efforts - fueled by falling oil prices, new M&A activity and increasing confidence that upcoming earnings reports may exceed expectations - extended Friday's rally and closed virtually every sector to the upside... The Dow ended the session above 10500 for the first time this month, the S&P inched back into positive territory for the year, the Nasdaq inked its fifth finish above 2100 in 2005 and the Russell 2000 hit another historic high...

Crude oil futures ($58.92/bbl -$0.71) closed down (-1.2%) for the third consecutive session amid reports that Hurricane Dennis missed key oil rigs and platforms in the Gulf of Mexico... The news eased concerns of further supply disruptions and provided investors with some relief about high energy prices weighing on corporate profit margins, as the first full week of earnings began in earnest...

Analysts are currently forecasting Q2 aggregate EPS growth for the S&P of about 7.5%, below the 8.8% growth estimated at the start of the quarter; but, based on the growing understanding that final EPS growth rates every quarter come in about 2-5% above initial forecasts, the realization that Q2 earnings may check in closer to 9-12% helped underpin a floor of widespread support for stocks... Several corporate deals - from VNU's $7 bln bid for IMS Health (RX 26.50 +0.61) and Pogo Producing's (PPP 54.10 -0.68) $1.8 bln bid for Unocal's (UCL 65.97 +0.23) Northrock Resources to a potential $2.5 bln offer for Agilent Technologies' (A 25.67 +1.33) chip products unit from KKR and Silver Lake Partners, also helped improve sentiment across the board...
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