Reply #147: Ok. I'll do it. Closing US Market Numbers and Record, I think, Volume (Ah, 'leadership'): [View All]

[Ghost Dog]

:sarcasm:

Dow 8,046.42 Up 494.13 (6.54%)
Nasdaq 1,384.35 Up 68.23 (5.18%)
S&P 500 800.03 Up 47.59 (6.32%)
10-Yr Bond 3.1670% Up 0.0230
NYSE Volume 10,660,272,000
Nasdaq Volume 3,172,482,000

4:30 pm : Thanks to a late-session surge, the stock market closed at its session high with a gain of 6.3%. Though the rally was impressive, stocks still finished the week 8.4% lower due to heavy losses earlier in the week.

Those heavy losses prompted bargain hunters to bid stocks higher. Whether the push was merely rooted in short-term interest or marked a true turning point for the stock market will only be seen in time.

The move was supported by relatively heavy volume. Nearly 2.4 billion shares traded hands on the New York Stock Exchange this session, compared with average volume of 1.5 billion shares this month.

Despite the strong finish, stocks traded in mixed fashion throughout much of the session, and struggled to find direction. During that time the financial sector stood out as a notable laggard. At one point the financial sector was down 7.5%, which marked the sector's lowest level since 1995. However, it finished 3.4% higher.

Weakness in the financial sector stemmed from the large-cap names included among other diversified financial services companies (-3.8%), such as Citigroup (C 3.75, -0.96). Speculation continues to surround Citi's fate. Reports indicate the financial services giant is weighing its strategic options, but the stock extended its downturn and fell through the prior session's low to its worst level since 1992.

While financials lagged, energy posted the largest advance. Energy finished the session 11.7% higher. A 2% rebound in crude oil futures helped give energy a lift. Crude settled around $50.40 per barrel, though it actually fell to a new multiyear low of $48.25 per barrel midway through the session.

It appeared that Dell (DELL 9.30, -0.51) was going to provide stocks with some support after it posted better-than-expected earnings per share results for the third quarter. However, shares fell under pressure as investors and analysts critiqued the quarterly report.

The tech sector still finished with a 5.8% gain, though, thanks largely to strength among large-cap tech stocks.

The renewed interest in stocks caused Treasuries to fall substantially, especially at the long end of the curve. The 10-year Note fell 49 ticks, while the 30-year Bond dropped 117 ticks. The downturn reverses some of the gains Treasuries made in the prior session.

Investors got a little bit of clarity regarding the future face of the Treasury team; President-Elect Obama has nominated New York Fed President Geitner for Treasury Secretary. Obama is expected to announce the rest of his economic team Monday.DJ30 +494.13 NASDAQ +68.23 NQ100 +4.7% R2K +5.5% SP400 +5.9% SP500 +47.59 NASDAQ Adv/Vol/Dec 1781/3.12 bln/1170 NYSE Adv/Vol/Dec 2019/2.37 bln/975

3:30 pm : Stocks recently charged higher to their best levels of the session. The advance took the stock market to a gain of 3.1%. There was some renewed selling pressure, but after a brief pause stocks are trying to extend their gains.

The financial sector continues to underperform, though it is off its low of the session. It traded with a loss of 7.5% for a time, but is now down 1.8%. DJ30 +216.64 NASDAQ +26.56 SP500 +20.43 NASDAQ Adv/Vol/Dec 1253/2.28 bln/1662 NYSE Adv/Vol/Dec 1463/1.55 bln/1509

3:00 pm : Stocks continue to trade listlessly in choppy action. Each of the major indices looks for direction as market participants enter the final hour of the session. Only once this week have stocks managed to close higher.

Stocks were up 2.8% at their session high. They were down 1.5% at their session low. The wide swings have been common during recent sessions. In the last three weeks stocks have swung in excess of 5% in six separate sessions. Stocks swung more than 1% in 12 different sessions during the last three weeks.

Just hitting the wires, Tim Geitner will be the new Treasury Secretary under the Obama administration.DJ30 +12.10 NASDAQ -6.75 SP500 +0.58 NASDAQ Adv/Vol/Dec 876/2.12 bln/1872 NYSE Adv/Vol/Dec 1103/1.47 bln/2059

2:30 pm : Action remains choppy in afternoon trade. After making a sudden, sharp downturn, stocks struggle to move back to higher ground.

Trading remains without leadership. The flagging financial sector is down 5%. Earlier this session it fell to a new record low. The financial sector was down 70% year-to-date at that low.

/... http://finance.yahoo.com/marketupdate/overview