The session ends on a somewhat upbeat note as the market bounces back from its lows. The Nasdaq Composite (COMP) and Russell 2000 (RUT) rallied from earlier losses to gain around 1%. The S&P 500 (SPX) finished with a modest gain. The Dow Jones Industrial Average (DJIA) was the laggard as its run failed just short of the breakeven line. However, the Dow was able to rally nearly 100 points off its lows.
The sector action remained choppy but definitely shifted to an upside bias. The Regional Bank HOLDRS (RKH) was the largest decliner but lost less than 1%. The Amex Gold Bugs Index (HUI) was the strongest group with a gain of 5%. A number of groups posted gains in the 2% range.
When I signed off last night I noted that the broad uptrends were still intact, but a hard day of selling today could break the simple trendlines. The selling we saw this morning was fairly mild and the uptrends remain. The big question now is how the monthly employment report comes in. As mentioned this morning, expectations are for a fairly nasty drop. It will be interesting to see if the numbers come in as bad as expected and how the market reacts. The data should hit the wires at 8:30, and that is where I will pick up in the morning. Have a nice evening...
Chart Courtesy of Thomson Financial
| Index |
Index Value |
Point Change |
Percent Change |
| S&P 500 (SPX) |
909.7 |
3.1 points |
0.34 percent |
| Dow Jones Industrial Average (DJIA) |
8742.5 |
-27.2 points |
-0.31 percent |
| Nasdaq Composite (COMP) |
1617.0 |
17.9 points |
1.12 percent |
| Russell 2000 (RUT) |
502.0 |
4.9 points |
0.99 percent |
| CBOE Market Volatility Index (VIX) |
42.56 |
-0.83 points |
-1.9 percent |
Charts Courtesy of Thomson Financial
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