For reference purposes, following is the "Weekly Wrap" from Briefing.com.
<<Weekly Wrap : Thanks to today's spectacular advance, the major market indices managed to close the roller coaster week mixed... The DJIA's 324 point, 3.6%, advance was its biggest this year, with every component but Coca-Cola (KO 56.47 -0.14) closing with a gain... Biggest gains were recorded by tech and financial components, especially Intel (INTC 19.54 +10.1%), Hewlett-Packard (HPQ 16.30 +7.1%), Citigroup (C 39.55 +6.9%) and JP Morgan (JPM 32.59 +5.3%)... Intel up big ahead of new chip rollout next week... GE (29.69 +6.4%), AT&T (T 10.19 +5.9%) and United Tech (UTX 69.25 +6.8%) were also big winners.
One factor behind today's big, broadbased gain was the lack of terrorism over the holiday... Threat of such had weighed on the market early in the week, and when the holiday passed with no fireworks - other than those intended - shorts covered and traders did some light bargain hunting... A couple positive comments on the volatile, but influential, semiconductor industry by the brokerage community also underpinned the indices... The SOX rallied 9.1%, or 32.97 points to close at 396.18... This after the index set a new 52-wk low of 343.72 on July 3rd.
Thin trading conditions due to holiday shortened trading helped exaggerate today's advance... Will be interesting to see if indices can sustain any upward momentum next week... Recent big, one-day moves have been followed quickly by renewed selling... Helping to set the tone will be earnings from Yahoo! (YHOO), Genentech (DNA), Tenet Healthcare (THC), Juniper Networks (JNPR) and General Electric (GE)... Traders will also be focusing on the Retail Sales, Wholesale Inventories and PPI data.>>
Don |
