Market Report

[chadtm80]

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.

[sunny shine]

Most of my money was tied up in bonds. I cashed them in and now my money is making interest in the bank. It is not making near the interest it was sitting in the bank, but I do not have to worry about losing it anymore!! If all those insurance companies would have followed my lead they would not be in the bind they are in nor charging their customers outrageous premiums trying to make up for the money they lost in their bonds.

Northrop Grumman stocks fell because workers are going to strike if they can't reach a deal soon. As soon as all that is settled, their stocks will go back up.

[firefighter16]

Every little bit helps the 401k.

[mf_dolphin]

Looking at mine it looks more like a 201k than a 401K...

[chadtm80]

were at war. things will get better

[firefighter16]

Ya. I hear ya there. Daaaannggg its gotta get better than this.

[wx247]

Now I know how firefighter got so many posts so fast. He duplicated them... or close to duplicated them. LOL... j/k!

I agree. Like Shania Twain says (not that she is an authority on the stock market) things can only go "Up!" from here.

[chadtm80]

March 6th
Dow -101.61 at 7,673.99
Nasdaq -11.48 at 1,302.92,
S&P -7.75 at 822.10:

It was another disappointing day for the stock market...the tone in the futures market was bearish right from the start very early this morning...with the 8:30 ET report of a jump in New Claims for unemployment (signaling weak labor market conditions) the tone worsened...it never really recovered...a stronger than expected Factory Order report at 10:00 ET provided a temporary boost, but not much...continued concerns about a potential war with Iraq were ever present as in recent days, and tonight President Bush will have press conference to address issues related to Iraq...there was little specific stock news, and the Nasdaq most actives list had the same old suspects...after the close today, Intel will give a mid-quarter update, which could have substantial influence on tech stocks tomorrow...the NYSE actives were not very exciting either, with none of the top five actives moving more than $0.25...Schering-Plough (SGP ) was down after giving an earnings warning yesterday after the close, and receiving a downgrade this morning...volume was once again light, and breadth was very poor with decliners leading advancers by a large margin...only 3 of the Dow 30 stocks managed even a modest gain...employment data tomorrow morning could have a big impact, so perhaps the action will pick up then...

Moving the Market

* 10-yr note -6/32 at 3.65
* Weekly jobless claims rise to 430K from 418K hurts stocks
* Bush press conference tonight at 8:00 ET on Iraq