From Briefing.com: 4:15 pm : Stocks staged a late session rally as strength in financials, energy, and materials propelled the major indices to minimal losses (Nasdaq -0.4%, S&P 500 -0.1%) after seeing heavy selling this morning on European debt fears, and growing tensions on the Korean Peninsula. Stocks moved off their session lows following the completion of the second Permanent Open Market Operation of the day. Today's operations allowed dealers to rid their books of $9 billion worth of Treasuries, and possibly put that money to work in equities.
The major European indices all closed down at least 2% after the $113 billion bailout of Ireland was announced. Bond yields in some of the more troubled European nations ticked higher as contagion fears continue to spread. After seeing a session low of 1.3064, the euro clawed its way back to the 1.3125 area.
Rising tensions on the Korean Peninsula did little to quell fears after South Korea said it was pushing forward on a joint naval exercise with the U.S., and told China it would not take place in six-party talks to diffuse the situation. The major Asian indices closed mixed.
Financials (+0.5%) were among the best performing stocks all session long as the regional banks helped the sector to a solid gain. Huntington Bancshares (HBAN 5.79, +0.24), Regions Financial (RF 5.38, +0.13), and Wells Fargo (WFC 27.20, +0.55) led the way for financials as 55 out of 81 stocks in the S&P 500 Financials Index closed in positive territory.
After being the worst performing sector at the start of trading, the materials sector ended the day as one of the top performers. Freeport-McMoran (FCX 101.25, +3.33), Vulcan Materials (VMC 39.45, +0.69), and US Steel (X 47.90, +0.56) all registered solid gains.
Retailers were in focus as the holiday shopping season kicked off over the weekend, and initial feedback was generally encouraging. Online retailers saw a mixed session with today marking Cyber Monday, the start of the online holiday shopping season. Amazon.com (AMZN 179.23, +2.03) saw strong gains, but eBay (EBAY 30.22, -0.93) closed lower.
Treasuries closed off their best levels of the session, but still saw a higher day. Buying in the complex pushed the 10-yr yield down 4 basis points to 2.826%. DJ30 -39.51 NASDAQ -9.34 SP500 -1.64 NASDAQ Adv/Vol 1453/1189 NYSE Adv/Vol/Dec 1248/923.5 mln /1711
5:22PM Microsoft: Xbox 360 surpasses 2.5 mln Kinect sensors sold (MSFT) 25.31 +0.06 : Co announced that strong demand over the Black Friday weekend has propelled retail sales of Kinect for Xbox 360 to more than 2.5 mln units worldwide since it launched just 25 days ago.
4:05PM Nanometrics announces $10 mln share repurchase program (NANO) 11.48 -0.21 :
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# Power Integrations (POWI) announced on October 22, 2010, a $30 million strategic investment in SemiSouth Laboratories.
8:00AM Marvell confirms jury ruled in its favor, rejecting misappropriation of trade secrets allegations brought on behalf of Jasmine Networks (MRVL) 19.58 : Co announced that a Santa Clara Superior Court Jury in California found in its favor, rejecting misappropriation of trade secrets allegations brought on behalf of Jasmine Networks, Inc. The jury unanimously found that Marvell did not use or acquire any Jasmine trade secrets and did not violate any nondisclosure agreements. |
