$AAPL, $HPQ, $XRT US Stocks Rise, The NAS Lead The Run

Posted by: : Paul EbelingPosted on: November 28, 2013 $AAPL, $HPQ, $XRT US Stocks Rise, The NAS Lead The Run

$AAPL, $HPQ, $XRT US Stocks Rise, The NAS Lead The Run

At the close Wednesday

DJIA 16097.33 (+24.53; +0.15%)

S&P 500 1807.23 (+4.48; +0.25%)

NAS 4077.75 (+24.00; +0.67%)

10yr T-Note 2.739% (-0.21875)

Gold $1,237.90 (-3.60; -0.3%)

WTI Crude Oil $92.30 (-1.38; -1.5%)

EUR/USD: 1.3573 (unchanged)

Overall, 179 NYSE stocks posted  new 52-wk highs Wednesday,  34 stocks posted new lows.

US major market  indices posted modest gains with the NAS (+0.7%) setting the pace for a 2nd straight day. The index rose steadily throughout the day, extending stocks week-to-date advance to 1.3%.

Trading volume was well below average; 532-M/shares changed hands on the floor of the NYSE.

European and Latin American markets closed higher Wednesday, Asian markets closed mixed

The NAS received support from many of its top components as Apple (NASDAQ:AAPL) 545.96, +12.56, Oracle (NASDAQ:ORCL) 35.29, +0.36, Microsoft (NASDAQ:MSFT 37.60, +0.25, and Intel (NASDAQ:INTC) 23.90, +0.25 gained between 0.7% and 2.4%.

Momentum stocks contributed to the strength despite starting the session mixed. Biotechnology sat out the advance as the iShares Nasdaq Biotechnology ETF(NYSEArca:IBB) 223.33, -0.12 lost 0.1%.

The outperformance of the NAS boosted the stocks in the technology sector (+1.0%), which ended in the front of the herd.

Notable earnings; DJIA component Hewlett-Packard (NYSE:HPQ) 27.36, +2.27 rose 9.1% after beating bottom-line estimates by0.01  above-consensus revenue.

Discretionary stocks were helped by retailers as the SPDR S&P Retail ETF (NYSEArca:XRT)88.54, +0.45) rose 0.5%.

The financial stocks followed the lead of regional banks as the SPDR S&P Regional Banking ETF (NYSEArca:KRE) 40.02, +0.22) rose 0.6%.

Although most cyclical groups posted gains, energy (-0.7%) was not as fortunate. The sector ended at the bottom of list, Crude Oil fell 1.5% to 92.29 bbl.

On the countercyclical side, consumer staples (+0.1%), health care (unch), telecom services (+0.1%), and utilities (-0.3%) lagged across the board.

US Treasuries finished mixed as the 10-yr yield increased 3 basis points to 2.74% while the 2-yr yield dipped 1 basis point to 0.28%.

Trading volume was well below average as only 532 million shares changed hands on the floor of the NYSE.

This morning was busy in terms of economic data. Weekly initial claims were better than expected, declining 10,000 to 316,000, continuing claims also beat estimates, dropping by 91,000 to 2.776-M, consensus 2.875-M.

Seasonal adjustment problems were cited as a factor for the low level of initial claims, so once again we’ll have to put an asterisk next to a number that looks encouraging at first blush. The initial claims level will move higher as the seasonal adjustment problem gets corrected.

The durable orders headlines weren’t all that encouraging.

Total orders declined 2.0% in October (consensus -2.2%) from an upwardly revised 4.1% increase in September (from 3.8%). Excluding transportation, orders declined 0.1% (consensus 0.2%) from an upwardly revised 0.2% increase in September (from -0.1%).

The upward revisions to September’s data cushioned some of the blow of the downturn in October. The report though was still disappointing in terms of what it said about business investment, which is that it is weak.

Nondefense capital goods orders, excluding aircraft, declined by 1.2% after a 1.4% decline in September. Shipments of those goods, which factor into the GDP computation, declined by 0.2% for the second straight month.

Manufacturing activity in the Chicago region remained strong. The Chicago PMI fell to 63.0 in November from 65.9 in October. That was the first time since November/December 2011 that the index stayed above 60 for 2 months running,  The consensus expected the Chicago PMI to fall to 58.0.

The final reading of the November Michigan Consumer Sentiment Survey was revised up to 75.1 from 72.0 (consensus 73.0),  October Leading Indicators ticked up 0.2% (consensus -0.1%).

Bond and equity markets will be closed Thursday for Thanksgiving.

Although U.S. markets will be closed on Thursday, other global markets will operate normally.
In addition, participants will receive some important economic releases with Japan and Hong Kong set to report their retail sales tonight. Thursday morning, investors will look to data out of Europe with Germany’s unemployment figures and Spanish GDP headlining the list.
Friday, the US stock market will close early at 01:00p ET

Best Wishes to all of my US readers for a Happy Thanksgiving.

HeffX-LTNPaul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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