US Stock Indexes Finish Close To The Highs, With Tech Leading The Way

Posted by: : Paul EbelingPosted on: August 14, 2014 US Stock Indexes Finish Close To The Highs, With Tech Leading The Way

US Stock Indexes Finish Close To The Highs, With Tech Leading The Way

IBB, XRT, AAPL, GOOG, FB, CREE, RTN, M

DJIA +0.5% YTD , S&P 500 +5.3% YTD, NAS 100 +6.2% YTD, Russell 2000 -1.9% YTD

DJIA +91.26 at 16651.80, NAS 100 +44.87 at 4434.09, S&P 500 +12.97 at 1946.72

Volume: trade was below average with fewer than 550-M/shares changing hands on the NYSE

The US stock market finished near the higsh, the NAS 100 advanced 1.0%, the S&P 500 added 0.7%, 10 of 10  sectors finished in the Green.

 Healthcare was supported by biotechnology.

The iShares Nasdaq Biotechnology (NYSEArca:IBB) 257.13, +5.47 bounced off its 50-Day MA for a 2.2% gainer, notching its best close since late July, helping to drive the NAS rally.  

Apple (NASDAQ:AAPL) 97.24, +1.27, Facebook (NASDAQ:FB) 73.77, +0.94), and Google (NASDAQ:GOOG) 584.56, +12.44 lent support to the NAS.

The PHLX Semiconductor Index added 0.9% to extend its weekly gainer to 1.8%.

Of the 30 index components, 26 settled higher, while Cree (NASDAQ:CREE) 44.82, -4.39 fell 8.9% following its one-cent beat and below-consensus guidance for the upcoming Quarter. 

The industrials got strength from defense contractors, transport stocks ended in line with the broad market.

The PHLX Defense Index rose 1.4% with Raytheon (NYSE:RTN) 93.64, +2.26 lead the way. The Dow Jones Transportation Average settled higher by 0.7%. 

Retail stocks underperformed following a disappointing Retail Sales report for July and worse than expected earnings from Macy’s (NYSE:M) 56.47, -3.29. The stock fell 5.5%, the SPDR S&P Retail ETF (NYSEArca:XRT 84.52), -0.54 lost 0.6%. 

On the countercyclical side

Consumer staples (+0.3%), utilities (+0.2%), and telecom services (+0.1%) all finished near flat, healthcare sector provided the leadership. 

The US Treasury market.

The 10-yr T-Note rose ending near its high. The benchmark yield slipped 3 bpts to 2.42%. 

.Economic data

  • Retail sales showed no growth in July following an unrevised 0.2% increase in June, the consensus expected an increase of 0.3%
  • Business Inventories increased 0.4% in June after increasing an unrevised 0.5% in May, which was in line with the consensus.
  • The weekly MBA Mortgage Index fell 2.7% to follow last week’s 1.6% increase

Thursday, weekly initial claims (consensus 305-K) and export/import prices for July will be reported at 8:30a ECT.

Stay tuned…

HeffX-LTN

Paul 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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