Market Report: Stock Ticker

Economic data mixed: November Durable goods rises less than expected, jobless claims fall more than expected

Market closes at 13:00ET in recognition of Christmas holiday

Weak
Photographic Products, Health Care Supplies, Casinos and Gaming, Airlines, Coal and Consumable Fuels, Health Care Services, Paper Products, Biotechnology, Home Furnishing Retail, Apparel Retail

[BRIEFING.COM] The major indices posted modest gains to close at fresh 52-week highs following a holiday-shortened session in extremely light volume.

 hursday marked an extremely slow session, as expected, as many market participants were off their desks as they took an extended weekend ahead of Christmas. A total of 287 mln shares exchanged hands on the NYSE, well below the one year average of 1.4 bln.. Buying interest was broad-based, with nine of the 10 sectors posting a gain. Tech outperformed with a gain of 1.0%, while healthcare underperformed, closing near the unchanged mark.

There was a dearth of corporate items, but there were two key economic releases.

On a positive note, weekly initial jobless claims dropped by a larger-than-expected amount to 450,000 from 480,000 in the prior week. This beat the consensus estimate of 470,000 and was the lowest level since fall 2008. While the labor market remains weak, the trend in jobless claims has been heading in the right direction.

Separately, November durable goods orders rose 0.2% month-over-month, which was worse than the economist consensus of 0.5%. But durable goods orders excluding aircraft rose 2.0% month-over-month, which was better than consensus of 1.1%. The latter data point also saw a positive revision to a decrease of 0.7% compared to the original reading that showed a decline of 1.3%.

As a reminder, the market is closed Friday for Christmas.

[BRIEFING.COM] The major indices trade in a very tight range.

Nine of the ten sectors are posting a gain, led by tech and materials, both up 0.7%.  Healthcare is underperforming with a loss of 0.3%.

[BRIEFING.COM] Disappointing new home sales numbers caused stocks to surrender opening gains, but a weaker dollar helped drive stocks back into the green. However, the rebounded was resisted at session highs and left gains to chop their way into the close.

The major indices started the session in higher ground amid continued broad-based buying that was helped along by solid gains throughout Europe and Asia. A pullback by the greenback also provided support; it concluded the session with a 0.5% loss against competing currencies after it had hit a three-month high in the previous session.

Initial gains came despite a smaller-than-expected increase both personal income and spending in November. They were up 0.4% and 0.5%, respectively. Meanwhile, core personal consumption expenditures for November were flat. They had been expected to rise a modest 0.1%.

Stocks weren't able to shrug off the November new home sales numbers, however. New home sales for the month fell 11.3% from October to an annualized rate of 355,000 units, which is well below the rate of 438,000 units that had been widely expected.

The news caused the broader market to slide in a hurry. Shares of homebuilders had been up nearly 2% ahead of the report, but saw that gain nearly vanish entirely. They were able to reclaim some of the gains and finish 0.7% for the better.

Materials stocks and energy stocks helped lead a broader market recovery, but they were unable to push the broader market past the session high that was set in the early going. That high, which marked a new 52-week high for the S&P 500, created a line of resistance in afternoon action. Still, the two sectors logged gains of 1.5% and 0.5%, respectively.

Support for the sectors came amid higher commodity prices and energy prices. While a retreat by the dollar helped both groups, oil got an added benefit from a larger-than-expected weekly inventory draw of 4.84 million barrels. Oil prices settled 2.9% higher at $76.59 per barrel.

With only a few days left in the holiday shopping season, Internet retailers were also in favor. They teamed with large-cap tech to drive the Nasdaq Composite to another new 52-week intraday high and closing high.

Financials fell out of favor this session. The sector settled with a 0.4% loss as diversified banks stocks (-1.5%) and diversified financial services plays (-1.0%), like Citigroup (C 3.29, -0.05), faltered.

Citigroup saw some of the most trading volume this session, but that's not saying much given the lack of overall participation. Fewer than 800 million shares exchanged hands on the NYSE this session. The 50-day average stands just above 1.2 billion shares. The lack of participation should come as a surprise ahead of the Christmas holiday, but market watchers should note that lack of trading volume is often tantamount to a lack of conviction among the investing community, so swings by stocks on light volume shouldn't necessarily be considered telling signs of market direction.

[BRIEFING.COM] Stocks are pulling back from afternoon highs. The leading sectors, materials, are still holding up quite well. They are still up 1.4%.

Precious metals gained momentum to the upside as the dollar sold off throughout the morning. Both gold and silver futures pulled back slightly as the dollar stabilized in the afternoon. After reaching a session high at $1096.80 per ounce, February gold closed 0.7% higher at $1094.50 per ounce. After hitting a session high at $17.25 per ounce, March silver closed 0.9% higher at $17.18 per ounce.

The two notable weak commodities this session were industrial metals. March nickel and March aluminum closed 1.1% and 1.2% lower, respectively.

A larger-than-expected draw in crude oil inventories this morning, coupled with weakness in the dollar, resulted in broad gains in energy commodities this session.

January natural gas bottomed around the $5.60 level early in the morning. Already on the rise and near the unchanged level, the bullish inventory data accelerated the move. January natural gas finished at 1.9% higher at $5.83 per contract, near session highs.

February crude oil was already over a dollar above he unchanged level when the bullish inventory data sent the futures even higher. February crude oil traded relatively flat all afternoon, however. It closed 2.9% higher at $76.59 per barrel. RBOB gasoline and Heating oil futures posted comparable gains this session.

[BRIEFING.COM] Small-cap stocks have had a strong session. They are currently up 1.2% as advancing issues sport a 3-to-1 advantage over decliners in the Russell 2000.

Mid-caps are also up handsomely, though not as much as small-cap issues. The S&P 400 Mid-Cap Index was last quoted with a 0.8% gain, which matches the percentage gain of the Nasdaq Composite.

Both the broad issues of the S&P 500 and the blue chips of the Dow Jones Industrial Average continue to lag.

[BRIEFING.COM] The Nasdaq continues to improve its position and, in doing so, push its 52-week high to new levels. However, the S&P 500 continues to encounter resistance at the 1121 mark, which marks the 52-week high that it set this morning. The financial sector (-0.3%) is still a drag on the broader market.

Heading into its close in pit trade, oil prices extended its advance so that it traded with a 3.0% gain at $76.60 per barrel. That has helped drive the CRB Commodity Index to a 1.5% gain, its eighth advance in 10 sessions.

Treaduries have pulled back in recent trade. The benchmark 10-year Note had traded with a gain of more than 12 ticks earlier this session, but it is now just four ticks for the better. That has its yield back near 3.75%.

[BRIEFING.COM] The S&P 500 recently extended its recovery back to its session highs, but it was unable to add any more to the advance. Meanwhile, the Dow's struggle to make its way up from the flat line continues, even though advancers outnumber declining issues by 2-to-1 in the blue chip index.

Trading volume has been exceptionally light this session. With just two hours left until the closing bell, fewer than 400 million shares have exchanged hands on the NYSE.

[BRIEFING.COM] The Nasdaq has managed to move another notch higher, which puts it at a new best for this session. However, both the S&P 500 and the Dow have yet to revisit the session highs that they set in early action.

Airline stocks have found favor for the second straight session. Given its 1.1% gain this session, the Amex Airline Index (XAL 34.53, +0.36) is already up 6% this week. Southwest Airlines (LUV 11.59, +0.14) has been one of the best performers in the group; it is up more than 30% year-to-date,