Market Report
Posted: Wed Mar 05, 2003 6:04 pm
16:20 ET Dow +70.73 at 7775.60, Nasdaq +6.63 at 1314.40, S&P +7.86 at 829.85: [BRIEFING.COM]
It wasn't the most exciting trading session today, but then again, that has been the norm of late as investors have opted for the safety of the sidelines in the face of a number of worrisome issues... Nevertheless, the market enjoyed a winning session for a change, bolstered by some bargain hunting activity that picked up steam in the final hour of trading... In fact, the bulk of today's gains came during that period and followed in the wake of tough talk from Colin Powell that suggested that the U.S. remains on a path to war with Iraq... To that end, France, Germany, and Russia said earlier in the day that they would oppose a new UN resolution on Iraq... That point aside, the market seemed heartened, in a cold-hearted sense, that Powell's comments indicate some closure on the matter is likely to occur sooner rather than later and either with, or without, the full support of the UN... Not surprisingly, the Treasury market continued its winning ways as safe haven buying activity pushed up the 10-yr note by 6 ticks, bringing its yield down to 3.62%... The dollar, however, continued to weaken as the U.S.' defiant stance didn't sit well with foreign investors.. Additionally, it had to contend with news that Treasury Secretary Snow indicated to reporters that he was not particularly concerned about the dollar's decline in the context that it is subject to the ebb and flow of capital markets... Around 11:15 ET today, he clarified that the U.S. remains committed to its strong dollar policy... Though currency traders have their doubts, the comments did lend some support to the equity market which, up until that point, was struggling to make any headway... Initially, buyers didn't show much conviction, but they let down their guard in the final hour and the indices closed at, or near, their best levels of the day... Leading the late charge were the semiconductor, biotech, telecom equipment, insurance, utility, financial, and retail shares... Notable laggards today included the food distribution, soft drink, homebuilding, and defense industry groups... The latter fell in response to Northrop Grumman (NOC 83.75 -3.51) lowering its FY03 EPS guidance... Schering-Plough (SGP 16.60 -0.53) was another notable company that lowered its full-year guidance, but its peers were spared for the most part and lent a measure of support to the broader market... Having slipped to a new 7-yr low earlier in the day, Coca-Cola (KO 37.55 -0.82) ended the session as the Dow's worst performing component... Nasdaq +6.63 at 1314.40... NYSE Adv/Dec 1764/1505... Nasdaq Adv/Dec 1538/1612.
It wasn't the most exciting trading session today, but then again, that has been the norm of late as investors have opted for the safety of the sidelines in the face of a number of worrisome issues... Nevertheless, the market enjoyed a winning session for a change, bolstered by some bargain hunting activity that picked up steam in the final hour of trading... In fact, the bulk of today's gains came during that period and followed in the wake of tough talk from Colin Powell that suggested that the U.S. remains on a path to war with Iraq... To that end, France, Germany, and Russia said earlier in the day that they would oppose a new UN resolution on Iraq... That point aside, the market seemed heartened, in a cold-hearted sense, that Powell's comments indicate some closure on the matter is likely to occur sooner rather than later and either with, or without, the full support of the UN... Not surprisingly, the Treasury market continued its winning ways as safe haven buying activity pushed up the 10-yr note by 6 ticks, bringing its yield down to 3.62%... The dollar, however, continued to weaken as the U.S.' defiant stance didn't sit well with foreign investors.. Additionally, it had to contend with news that Treasury Secretary Snow indicated to reporters that he was not particularly concerned about the dollar's decline in the context that it is subject to the ebb and flow of capital markets... Around 11:15 ET today, he clarified that the U.S. remains committed to its strong dollar policy... Though currency traders have their doubts, the comments did lend some support to the equity market which, up until that point, was struggling to make any headway... Initially, buyers didn't show much conviction, but they let down their guard in the final hour and the indices closed at, or near, their best levels of the day... Leading the late charge were the semiconductor, biotech, telecom equipment, insurance, utility, financial, and retail shares... Notable laggards today included the food distribution, soft drink, homebuilding, and defense industry groups... The latter fell in response to Northrop Grumman (NOC 83.75 -3.51) lowering its FY03 EPS guidance... Schering-Plough (SGP 16.60 -0.53) was another notable company that lowered its full-year guidance, but its peers were spared for the most part and lent a measure of support to the broader market... Having slipped to a new 7-yr low earlier in the day, Coca-Cola (KO 37.55 -0.82) ended the session as the Dow's worst performing component... Nasdaq +6.63 at 1314.40... NYSE Adv/Dec 1764/1505... Nasdaq Adv/Dec 1538/1612.
