Stock Market News for May 27, 2011 - Market News
27 5월 2011 - 6:05PM
Zacks
Weak economic data failed to drag markets lower as investor
sentiment was lifted by the technology and retail
sectors. With initial claims surged and
the economy expanding at just 1.8%, the employment situation
remains a major area of concern amidst a sluggish economy. These
concerns had dented the markets in the opening session, but strong
performance from the consumer discretionary index and technology
sector and modest support from the energy sector helped the indices
rebound.
The Dow Jones Industrial Average (DJIA) shed 76 points in the
opening session but recouped its losses in the later trading
session to close at 12,402.76, up 0.1%. The Standard & Poor 500
(S&P 500) climbed up 0.4% to finish at 1,325.69. The Nasdaq
Composite Index closed at 2,782.92, after gaining 0.8%. Volumes
continued to be tight as on the New York Stock Exchange, AMEX and
Nasdaq. Consolidated volumes were at 6.4 billion shares,
significantly below the daily average recorded so far this year of
7.64 billion. On the NYSE, composite volumes were at 3.39 billion
shares. Advancers outnumbered decliners by a ratio of 2:1 on the
NYSE.
The technology sector gained significantly on the wave of the
bullish comments from hedge-fund manager David Einhorn on Microsoft
Corporation (NASDAQ:MSFT), which jumped 2.0%. Also helping the
technology sector was a report from research firm Gartner Inc.
Gartner reported a surge in server shipments in the first quarter
across the world except Japan. This consequently led to a
double-digit-percentage growth in revenues. Hewlett-Packard Company
(NYSE:HPQ), benefitted from this news, jumping 1.5%, as did other
companies. Among the gainers were, Dell Inc. (NASDAQ:DELL), Juniper
Networks, Inc. (NYSE:JNPR), NVIDIA Corporation (NASDAQ:NVDA),
Advanced Micro Devices, Inc. (NYSE:AMD), Micron Technology Inc.
(NASDAQ:MU) and NetApp, Inc. (NASDAQ:NTAP) and they jumped 1.9%,
0.8%, 2.5%, 0.6%, 1.9% and 6.9%, respectively.
The retail sector also aided the broader markets as the consumer
discretionary index led the gains in the S&P 500. The sector
drew strength from upbeat earnings results of Tiffany & Co.
(NYSE:TIF). Shares of the company soared 8.6% to settle at $76.04.
Among other retailers, Nike Inc. (NYSE:NKE), Gap Inc. (NYSE:GPS)
and Abercrombie & Fitch Co. (NYSE:ANF) gained 1.1%, 1.4% and
1.6%, respectively.
Despite a fall in US light sweet crude oil prices, the energy
sector climbed higher and the Energy Select Sector SPDR gained
0.5%. Crude prices for June delivery dropped $1.09 to settle at
$100.82 per barrel, but remained above the $100 per barrel mark.
Energy stocks like Chevron Corporation (NYSE:CVX), Exxon Mobil
Corporation (NYSE:XOM), ConocoPhillips (NYSE:COP) and Transocean
LTD (NYSE:RIG) jumped 0.1%, 0.5%, 0.5% and 0.4%,
respectively.
A couple of weak economy reports dampened the mood in the morning
session but did not last through the day. Initial claims climbed
up, while economic growth did not make any progress. These reports
showed no signs of an economic recovery and instead exposed
weaknesses. Hiring trends remained modest to below average as
unemployment benefits claims rose higher. The Department of Labor
said in its report: “In the week ending May 21, the advance figure
for seasonally adjusted initial claims was 424,000, an increase of
10,000 from the previous week's revised figure of 414,000. The
4-week moving average was 438,500, a decrease of 1,750 from the
previous week's revised average of 440,250. The advance seasonally
adjusted insured unemployment rate was 2.9 percent for the week
ending May 14, a decrease of 0.1 percentage point from the prior
week's unrevised rate of 3.0 percent”.
Separately the Commerce Department said GDP growth had expanded at
the same pace as was previously expected, at 1.8% in the first
quarter of 2011. According to the Bureau of Economic Analysis GDP,
“in the fourth quarter, real GDP increased 3.1 percent,” and also
said: “The increase in real GDP in the first quarter primarily
reflected positive contributions from personal consumption
expenditures (PCE), private inventory investment, exports, and
nonresidential fixed investment that were partly offset by negative
contributions from federal government spending and state and local
government spending. Imports, which are
a subtraction in the calculation of GDP, increased”.
ADV MICRO DEV (AMD): Free Stock Analysis Report
ABERCROMBIE (ANF): Free Stock Analysis Report
CONOCOPHILLIPS (COP): Free Stock Analysis Report
CHEVRON CORP (CVX): Free Stock Analysis Report
DELL INC (DELL): Free Stock Analysis Report
GAP INC (GPS): Free Stock Analysis Report
HEWLETT PACKARD (HPQ): Free Stock Analysis Report
JUNIPER NETWRKS (JNPR): Free Stock Analysis Report
MICROSOFT CORP (MSFT): Free Stock Analysis Report
MICRON TECH (MU): Free Stock Analysis Report
NIKE INC-B (NKE): Free Stock Analysis Report
NETAPP INC (NTAP): Free Stock Analysis Report
NVIDIA CORP (NVDA): Free Stock Analysis Report
TIFFANY & CO (TIF): Free Stock Analysis Report
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
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