Stock Market News for February 1, 2012 - Market News
01 2월 2012 - 6:06PM
Zacks
Disappointing consumer confidence
data pulled the benchmarks down from the day’s highs during late
trading, leading to a marginal fall decline for the markets on the
last day of the month. However, this was still the best January the
markets have enjoyed since 1997. The Street’s gains were driven by
positive economic reports. Some encouraging corporate results
also pitched in, though concerns about global financial markets
continued to linger.
The Dow Jones Industrial Average
(DJI) dropped 0.2% to close the day at 12,632.91. The Standard
& Poor 500 (S&P 500) declined 0.05% and finished the day
almost unchanged at 1,312.41. The Nasdaq Composite Index was the
sole gainer, edging up 0.07% to close yesterday’s trading session
at 2,813.84. The fear-gauge CBOE Volatility Index settled slightly
higher at 19.44. Consolidated volumes on the New York Stock
Exchange (NYSE), Amex, and Nasdaq were roughly 7.07 billion shares,
lower than the 200-day moving average of 7.76 billion shares. For
56% of the stocks that gained, 40% stocks traded lower, and the
remaining 4% stocks were left unchanged on the NYSE.
Markets had been moving higher
during early trading hours. News from the other side of the
Atlantic was relatively better, after Greece looked close to
cutting a deal with the private creditors. The Dow gained nearly 66
points, but finally settled in the red zone thanks to disappointing
economic data. Coming at a later stage during the trading session,
neither consumer confidence data, nor the S&P/Case-Shiller
report on U.S. home prices had anything positives in store for
investors.
The Conference Board reported that
the Consumer Confidence Index had declined in January, reversing
its gains in December. The index dropped from December’s figure of
64.8 to 61.1 in January, and was also below consensus expectations
of 68.0. Lynn Franco, Director of The Conference Board Consumer
Research Center, said: "Consumer Confidence retreated in January,
after large back-to-back gains in the final two months of 2011.
Consumers' assessment of current business and labor market
conditions turned more downbeat and is back to November 2011
levels…Recent increases in gasoline prices may have consumers
feeling a little less confident this month". Also, the regional
indicator of the economic health of the manufacturing sector in
Illinois, Indiana and Michigan, the Chicago PMI index dropped to
60.2 in January from 62.2 in December 2011.
Separately, both the 10- and
20-City S&P/Case-Shiller Home Price Indices dropped 1.3% in
November. The dismal reading from the group of indexes that tracks
changes in home prices throughout the United States negatively
impacted housing sector related stocks and PHLX Housing Sector
(HGX) was down 1.4%. Among the stocks, Lennar Corporation
(NYSE:LEN), KB Home (NYSE:KBH), Toll Brothers Inc. (NYSE:TOL),
PulteGroup, Inc. (NYSE:PHM) and Beazer Homes USA, Inc. (NYSE:BZH)
declined 2.9%, 4.5%, 1.6%, 2.4% and 2.9%, respectively.
Corporate results also failed to
bring any cheer to investors. The pharma bellwether Pfizer, Inc.
(NYSE:PFE) managed to beat estimates but lowered its 2012 earnings
guidance. Subsequently, shares of the company declined by 0.8%.
Energy major Exxon Mobil Corporation (NYSE:XOM) posted
fourth-quarter earnings that failed to beat the Street’s estimates.
The company’s shares were down 2.1%. Radioshack Corporation
(NYSE:RSH) plummeted 29.8% after reporting a slump in its
earnings.
Those were the concerns that eroded
the day’s gains and benchmarks ended slightly lower. However,
investors were enthused by monthly performances of the benchmarks.
Both the Dow and S&P 500 enjoyed their best January since 1997.
The Dow surged 415 points or 3.4%, and the S&P 500 leapt 54
points or 4.4% in January. The Nasdaq too shared the laurels, with
a 8% jump in January. The tech-laden index has posted its best
January performance since 2001.
What mostly helped the benchmarks
in recording their best January in over a decade, were positive
economic reports. Since late-December economic data have been by
and large encouraging. The jobs and housing markets have provided
enough impetus and initial claims are still below the 400, 000
mark. Unemployment rate stands at 8.5%, which is the lowest in
roughly three years. Corporate results were not impressive in each
case, but a few bellwethers impressed the Street and also made a
strong comeback from their lack luster performances in the last
quarter. For example, financial bellwethers, Goldman Sachs
(NYSE:GS), Bank of America Corporation (NYSE:BAC) and Morgan
Stanley (NYSE:MS) posted encouraging results. Tech-giant Apple Inc.
(Nasdaq:AAPL) also made a strong comeback this quarter.
APPLE INC (AAPL): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
BEAZER HOMES (BZH): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
KB HOME (KBH): Free Stock Analysis Report
LENNAR CORP -A (LEN): Free Stock Analysis Report
MORGAN STANLEY (MS): Free Stock Analysis Report
PFIZER INC (PFE): Free Stock Analysis Report
PULTE GROUP ONC (PHM): Free Stock Analysis Report
RADIOSHACK CORP (RSH): Free Stock Analysis Report
TOLL BROTHERS (TOL): Free Stock Analysis Report
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
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