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Reply #27: Doh! And I was just about to post those closing numbers. [View All]

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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-19-04 04:47 PM
Response to Reply #26
27. Doh! And I was just about to post those closing numbers.
Glad I double checked!

Here's the blather to go with them as well, though not very interesting.

Close Dow -7.26 at 10,664.73, S&P -4.76 at 1,147.06, Nasdaq -30.51 at 2,045.96: What started out as a winning session with the Dow setting a new 52-week high, shaped into a reversal of fortune as the major averages closed in the red, with the Nasdaq down as much as 1.5%... The early favorable bias was incited by a combination of better than expected earnings reports, upward guidance and upbeat commentary, as well as solid economic reports... Specifically, tech players including Applied Materials (AMAT 22.24 -0.07) and OmniVision (OVTI 29.55 +3.92) reported better than expected earnings...

EMC (EMC 14.20 -0.07) said tech spending is picking up, while Broadcom (BRCM 41.57 -0.89) raised its revenue growth estimates for Q2... Finally, world's largest retailer Wal-Mart (WMT 58.38 +1.18) raised FY04 guidance, putting a bid into retailing shares... On the economic front, the Initial Claims report at 344K (consensus 352K) and the Philly Fed Index at 31.4 (consensus 35.0) pointed to a stabilizing employment market and an expanding manufacturing sector, providing further support to the market...

Yet, all of this proved insufficient as program selling, today's moderate volume totals, and tomorrow's options expiration proved to be the right combination to take the market lower... Note that moderate volume days, particularly ahead of options expirations are often marked by an exaggerated degree of volatility and today's session was certainly not an exception in that regard, as all of the day's gains came to be erased in the final half an hour of the session... All said and done, leaders to the upside were difficult to come by at the end of the session, with the paper group being the only winner of note...

Notable laggards were more plentiful and included the software, semiconductor, integrated telecom, hardware, internet, networking, broker/dealer, and healthcare sectors... Elsewhere, the bond market closed near its morning levels after selling off earlier in the session... The 10-year note ended the session up 4/32, bringing its yield down to 4.03%...NYSE Adv/Dec 1214/2074, Nasdaq Adv/Dec 1093/2073

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