looks like oils and brokerage/banks were the sector rotation guys
mdco, petd, mer, chv all worth looking into..
Close Dow +34.38 at 8584.83, Nasdaq -1.40 at 1757.14, S&P ++4.32 at 1052.02: For the fifth, consecutive session, the Dow closed at a new record high, and for the second day in a row, overcame weak bond prices and a sluggish tech sector to forge further into record territory as bulls showed they weren't ready to throw in the towel just yet... Contrary to our expectations, rising bond yields and a weak technology group did not leave investors inclined to head for the exits... Instead, they stayed patient and used today's dips as buying opportunities... Losses, by and large, were confined to the tech sector which went on the defensive following a Merrill Lynch downgrade of Compaq (-1 3/8), an earnings warning from Cabletron Systems (+15/16), and a negative outlook from Merrill Lynch on the semiconductor makers... Nevertheless, tech stocks pared their losses as the day progressed, helping the tech-heavy Nasdaq rebound from an earlier 14-point decline... If not for Dell (-4 1/2) and Intel (-2 5/16), the Nasdaq would have ended in positive territory... The Dow and S&P both finished at their highs of the day (and with new records) with a late buy program augmenting the gains... In the broader market, a huge day from airline, oil drilling, oil service, and brokerage stocks provided ample support to overcome the early weakness... Airlines soared with Merrill Lynch providing some positive news this time, issuing an upgrade and raising its earnings estimates for U.S. Airways (+4 5/8)... DJTA +71.19... DJUA +0.78... SOX -3.47... CRB -2.17... XOI oil index +6.19... 30-yr bond -24/32 to yield 6.06%. |
