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【zt:briefing.com】Closing Market Summary: Stocks Snap Two-Day Losing Streak Amid Upbeat Earnings (股市)

by super(学霸) ⌂, 2015-01-29 17:33 @ 学霸

The stock market endured a volatile session on Thursday, but a steady rebound off morning lows helped the major averages register their first gain in three days. The Dow Jones Industrial Average paced the advance (+1.3%) while the S P 500 (+1.0%) reclaimed its 100-day moving average (2,010).

Equities faced some selling pressure at the start amid continued weakness in crude oil. The energy component set a fresh January low in the $43.60/bbl area, but was able to charge back to unchanged by the pit close. That rebound improved the overall risk tolerance and helped the S P 500 find support just a point above its January low (1988.12). Dip buyers entered the picture about 90 minutes after the start of the session, which helped all ten sectors rebound off their lows.

The materials space (+1.4%) finished in the lead thanks to better than expected earnings from Dow Chemical (DOW 45.02, +1.99). The stock spiked 4.6% and gave a boost to its peers. Meanwhile, the other commodity-related sectorâ??energy (+0.2%)â??was the weakest performer. Elsewhere, the discretionary sector (+1.3%) outperformed throughout the session after several major components reported earnings. Homebuilders surged after PulteGroup (PHM 21.82, +1.24) and Ryland Group (RYL 39.62, +2.95) reported better than expected results with iShares Dow Jones US Home Construction ETF (ITB 25.86, +0.83) spiking 3.3%. Heavily-weighted Ford (F 14.85, +0.39) and McDonald's (MCD 93.27, +4.49) also rallied after the former beat estimates while the latter announced the retirement of its Chief Executive Officer.

The broad strength within the sector overshadowed an 8.8% loss in the shares of Alibaba (BABA 89.81, -8.64) after the company missed revenue expectations. Similarly, the industrial sector (+1.2%) outperformed while technology (+1.1%) overtook the broader market into the close. Top-weighted names like Apple (AAPL 118.90, +3.59), IBM (IBM 155.48, +3.93), and Microsoft (MSFT 42.01, +0.82) jumped between 2.0% and 3.1%, which helped overshadow a 10.3% decline in Qualcomm (QCOM 63.69, -7.30) brought on by disappointing guidance for the fiscal year.

When the dust settled, four of six cyclical sectors ended ahead of the S P 500 while the utilities sector (+1.3%) represented the only outperformer on the countercyclical side. Treasuries spent the day in a steady retreat with the 10-yr yield climbing four basis points to 1.76%. Today's participation was a bit above average as 843 million shares changed hands at the NYSE floor.

Economic data was limited to jobless claims and pending home sales: The initial claims level dropped to 265,000 for the week ending January 24 from an upwardly revised 308,000 (from 307,000) while the Briefing.com consensus expected a decline to 301,000 Not only did the drop break three consecutive weeks above 300,000, but the initial claims level fell to its lowest level since April 2000 o As it has for the past several months, the Department of Labor reported that there were no special factors impacting the report The continuing claims level declined to 2.385 million from an upwardly revised 2.456 million (from 2.443 million) while the consensus expected a drop to 2.429 million Pending home sales for December fell 3.7% while the Briefing.com consensus expected an increase of 0.6%

Tomorrow, the advance reading of Q4 GDP (Briefing.com consensus 3.2%) will be released at 8:30 ET alongside the Q4 Employment Cost Index (consensus 0.5%). The Chicago PMI report for January (consensus 58.0) will cross the wires at 9:45 ET while the final reading of the January Michigan Sentiment Index will be reported at 9:55 ET (consensus 98.2). Nasdaq Composite -1.1% YTD Russell 2000 -1.1% YTD S P 500 -1.8% YTD Dow Jones Industrial Average -2.3% YTD

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