The following economic data was released during the session:

  • IBD/TIPP Economic Optimism for December 2010 was released in the US; the series posted a reading of 45.8 losing 0.9 compared to the last data point (46.7) , which was lower than the consensus estimate of 47.2.
  • Consumer Credit for October 2010 was released in the US; the result was $3.4B unchanged from the last data release for this series, and above the market's pre-release guess of -$1.0B.

Headline Indices

The Dow Jones Industrial Average lost 3.03 points (0.03%) to 11359.16 points. The index high for the day was 11450.89, while the low was 11354.09.

Total volume traded in the 30 components of the index was 2.96bn shares. Advancers outpaced decliners by 1.7 to one, with 19 advancers to 11 decliners. Advancing volume exceeded declining volume by 2.51bn to 449.8m shares. The index's rather boring situation arose as a result of a mixed bag of results, the most notable amongst these (in percentage terms) being –

  • Citigroup (C) +0.17 (3.8%) to $4.62 on volume of 2147.48m shares;
  • 3M Co (MMM) -2.69 (3.1%) to $84.19 on volume of 10.29m shares;
  • General Electric (GE) +0.33 (2%) to $17.03 on volume of 95.91m shares;
  • JPMorganChase (JPM) -0.655 (1.6%) to $39.25 on volume of 40.6m shares; and
  • Chevron (CVX) +1.35 (1.6%) to $86.3 on volume of 12.53m shares.

 

The S&P500 Index added +0.63 points (0.05%) to 1223.75 points..

Total volume traded in the 500 components of the index was 5.21bn shares. Advancers outpaced decliners by 1 to one, with 232 advancers to 223 decliners. Advancing volume exceeded declining volume by 3.58bn to 1.59bn shares. The biggest gainers (percentage-wise) were –

  • NICOR Inc. (GAS) +2.03 (4.3%) to $48.79 on volume of 4.33m shares;
  • Jabil Circuit (JBL) +0.7 (4.3%) to $17.05 on volume of 7.42m shares;
  • Block H&R (HRB) +0.53 (4.1%) to $13.55 on volume of 8.3m shares;
  • New York Times Cl. A (NYT) +0.38 (4.1%) to $9.76 on volume of 5.12m shares; and
  • Nucor Corp. (NUE) +1.59 (4%) to $41.33 on volume of 7.81m shares.

The Nasdaq Composite rose +3.57 points (0.14%) to 2598.49 points. while the Nasdaq100 declined 0.46 points (0.02%) to 2189.35 points..

Total volume traded in the 100 components of the index was 638.02m shares. Advancers outpaced decliners by 1.1 to one, with 49 advancers to 46 decliners. Advancing volume exceeded declining volume by 319.2m to 318.35m shares. The main decliners (in percentage terms) were –

  • Intuitive Surgical (ISRG) -9.54 (3.5%) to $260.65 on volume of 0.97m shares;
  • Garmin (GRMN) -0.95 (3%) to $30.73 on volume of 2.33m shares;
  • Amylin Pharmaceuticals (AMLN) -0.36 (2.7%) to $12.85 on volume of 1.76m shares;
  • The DIRECTV Group (DTV) -0.93 (2.3%) to $39.41 on volume of 13.48m shares; and
  • Lamar Advertising (LAMR) -0.89 (2.3%) to $38.65 on volume of 0.65m shares.

Volatility

The CBOE Volatility Index lost 0.03 points (0.17%) to 17.99 points. and the CBOE Nasdaq100 Volatility Index gained +0.25 points (1.26%) to 20.16 points..

Breadth and Internals

A total of 3967 issues traded today on the NYSE; today's total volume was 6.71bn shares. A total of 1917 stocks posted gains for the day, and volume in advancing issues totalled 4.19bn shares. Exerting downwards pressure on the index were 1912 losers, which accounted for a total declining volume of 2.45bn shares. 714 stocks made new 1-year highs on the NYSE, while 78 shares plumbed new 52-week depths.

On the Nasdaq 2785 tickers traded today; total Nasdaq volume was 1.8bn shares. A total of 1491 stocks posted gains for the day, with aggregate volume of 0.88bn shares changing hands in the day's winners. The red zone of the Nasdaq exchange comprised 1169 losers, and total declining volume was 0.9bn shares. 341 Nasdaq-listed stocks hit new 52-week highs, while 27 shares dipped to new 1-year lows.

 

Major Market Statistics
Index Close Gain(Loss) %
Dow Jones Industrial Average 11359.16 -3.03 -0.03%
S&P500 Index 1223.75 +0.63 0.05%
Nasdaq Composite 2598.49 +3.57 0.14%
Nasdaq100 2189.35 -0.46 -0.02%
CBOE Volatility Index 1799 -0.03 -0.17%
CBOE Nasdaq100 Volatility Index 20.16 +0.25 1.26%

Dow Darlings

  • General Electric (GE) +0.33 (2%) to $17.03 on volume of 95.9m units
  • Chevron (CVX) +1.35 (1.6%) to $86.3 on volume of 12.5m units
  • Caterpillar (CAT) +1.15 (1.3%) to $90.35 on volume of 11.2m units
  • Wal-Mart (WMT) +0.6 (1.1%) to $55.09 on volume of 15.7m units
  • McDonalds (MCD) +0.76 (1%) to $80.34 on volume of 7.7m units

 

Dow Duds:

  • 3M Co (MMM) -2.69 (3.1%) to $84.19 on volume of 10.3m units
  • JPMorganChase (JPM) -0.655 (1.6%) to $39.25 on volume of 40.6m units
  • Hewlett-Packard (HPQ) -0.66 (1.5%) to $42.19 on volume of 21.7m units
  • IBM (IBM) -0.97 (0.7%) to $144.02 on volume of 4.8m units
  • Disney Corp (DIS) -0.23 (0.6%) to $37.33 on volume of 8m units

 

Most Traded Dow stocks:

  • Bank Of America (BAC)-0.07 (0.6%) to $11.57 on volume of 213.8m units
  • General Electric (GE) +0.33 (2%) to $17.03 on volume of 95.9m units
  • Pfizer (PFE)-0.04 (0.2%) to $16.77 on volume of 62.2m units
  • Microsoft (MSFT) +0.03 (0.1%) to $26.87 on volume of 57.4m units
  • Intel (INTC)-0.12 (0.6%) to $21.58 on volume of 42.2m units
Precious Metals

Precious metals futures performed as follows –

Precious Metals Futures
Index Close Gain(Loss) %
Gold 1398.4 -17.7 -1.25
Silver 28.555 -1.18 -3.97
Palladium 730.1 -21.3 -2.83
Platinum 1690 -23.6 -1.38

 

The Gold Bugs index (XAU) dropped 3.58 points (1.56%) to 225.18 points. Total volume traded in the 16 components of the index was 106.89m shares. Decliners outpaced gainers by 15 to one, with 15 decliners to 1 advancers. Declining volume was greater than advancing volume by 94.24m to 12.65m shares. The main decliners (in percentage terms) were –

  • Silver Stand Resources (SSRI) -1.54 (5.3%) to $27.78 on volume of 2.08m shares;
  • Harmony Gold (HMY) -0.6 (4.7%) to $12.09 on volume of 2.39m shares;
  • Silver Wheaton (SLW) -1.56 (3.8%) to $39.28 on volume of 19.28m shares;
  • Pan-American Silver (PAAS) -1.43 (3.5%) to $39.49 on volume of 2.07m shares; and
  • Kinroos Gold (KGC) -0.6 (3.1%) to $18.6 on volume of 9.55m shares.
Energy Complex

Energy futures performed as follows –

Energy Futures
Commodity Close Gain(Loss) %
Crude Oil 88.15 -1.23 -1.38
Heating Oil 2.4625 -0.0132 -0.53
Natural Gas 4.413 -0.075 -1.67
Gasoline RBOB 2.3143 -0.0274 -1.17

 

The Oil Services index (OSX) dropped 3.25 points (1.37%) to 234.27 points. Total volume traded in the 15 components of the index was 88.98m shares. Decliners outpaced gainers by 2.3 to one, with 9 decliners to 4 advancers. Declining volume was greater than advancing volume by 79.08m to 9.9m shares. The main decliners (in percentage terms) were –

  • Cameron International (CAM) -2.17 (4.3%) to $48.65 on volume of 5.63m shares;
  • Baker Hughes (BHI) -2.23 (4%) to $53.18 on volume of 7.03m shares;
  • Nabors Industries (NBR) -0.65 (2.7%) to $23.18 on volume of 6.82m shares;
  • Weatherford International (WFT) -0.56 (2.6%) to $21.34 on volume of 14.38m shares; and
  • Schlumberger (SLB) -1.86 (2.2%) to $81 on volume of 9.61m shares.
Currency Futures

Currency futures performed as follows –

Currency Futures
Index Close Gain(Loss) %
Euro FX 1.3286 -0.0034 -0.26
Australian Dollar 0.9849 -0.0051 -0.52
Canadian Dollar 0.9905 -0.005 -0.5
Japanese Yen 0.011979 -0.00013 -1.07
New Zealand Dollar 0.7584 -0.0033 -0.43

 

 

Bellwethers

The nine-stock group that makes up the Rant bellwethers advanced on average by 0.8%. The fallout occurred as follows:

  • General Electric (GE) +0.33 (1.98%) to $17.03 on volume of 95.91m units.
  • Citigroup (C) +0.17 (3.82%) to $4.62 on volume of 2169.95m units.
  • Wal-Mart (WMT) +0.60 (1.1%) to $55.09 on volume of 15.73m units.
  • IBM (IBM) -0.97 (0.67%) to $144.02 on volume of 4.82m units.
  • Intel (INTC) -0.12 (0.55%) to $21.58 on volume of 42.2m units.
  • Cisco Systems (CSCO) -0.0375 (0.19%) to $19.39 on volume of 70.85m units.
  • Google (GOOG) +8.78 (1.52%) to $587.14 on volume of 3.04m units.
  • Fannie Mae (FNM) -0 (0%) to $0.00 on volume of 0m units.
  • Freddie Mac (FRE) -0 (0%) to $0.00 on volume of 0m units.
Other Indices of Interest…

The Banks index (BKX) lost 0.04 points (0.08%) to 47.81 points. Total volume traded in the 24 components of the index was 2.58bn shares. Decliners outpaced gainers by 1.8 to one, with 14 decliners to 8 advancers; however advancing volume exceeded declining volume by 2.19bn shares to 384.99m. The main decliners (in percentage terms) were –

  • Keycorp (KEY) -0.23 (2.8%) to $7.95 on volume of 17.41m shares;
  • Comerica Inc (CMA) -0.66 (1.7%) to $38.76 on volume of 3.93m shares;
  • JPMorganChase (JPM) -0.655 (1.6%) to $39.25 on volume of 40.6m shares;
  • US Bancorp (USB) -0.28 (1.1%) to $24.37 on volume of 18.69m shares; and
  • New M&I Corporation (MI) -0.0575 (1%) to $5.53 on volume of 11.95m shares.

The Semiconductor index (SOX) fell 0.26 points (0.06%) to 411.51 points. Total volume traded in the 18 components of the index was 195.5m shares. Decliners outpaced gainers by 2.2 to one, with 11 decliners to 5 advancers. Declining volume was greater than advancing volume by 131.25m to 60.08m shares. The main decliners (in percentage terms) were –

  • ST Microelectronic (STM) -0.12 (1.2%) to $9.99 on volume of 1.42m shares;
  • Broadcom (BRCM) -0.26 (0.6%) to $45.31 on volume of 4.84m shares;
  • Intel (INTC) -0.12 (0.6%) to $21.58 on volume of 42.2m shares;
  • Taiwan Semiconductor (TSM) -0.06 (0.5%) to $11.83 on volume of 9.55m shares; and
  • Altera (ALTR) -0.165 (0.4%) to $37.24 on volume of 6.22m shares.

The ChildKiller ("Defence") index (DFX) added 1.4 points (0.39%) to 357.48 points. Total volume traded in the 17 components of the index was 123.26m shares. Advancers outpaced decliners by 2 to one, with 10 advancers to 5 decliners. Advancing volume exceeded declining volume by 111.23m to 9.04m shares. The biggest gainers (percentage-wise) were –

  • Gencorp (GY) +0.12 (2.3%) to $5.3 on volume of 0.48m shares;
  • General Electric (GE) +0.33 (2%) to $17.03 on volume of 95.91m shares;
  • Teledyne Tech (TDY) +0.72 (1.7%) to $42.95 on volume of 0.1m shares;
  • General Dynamics (GD) +1.1 (1.6%) to $68.73 on volume of 2.37m shares; and
  • Northrop Grummanl (NOC) +0.66 (1%) to $64.38 on volume of 1.76m shares.