Stock Market News for March 24, 2010 - Market News
It was the turn of the real estate sector Tuesday to send equities higher as a better-than-expected existing home sales report reconfirmed hopes the economy is slowly beginning to rebound. The blue-chip Dow average gained 103 points, its biggest advance in more than two weeks.
Healthcare stocks were also in focus Tuesday as President Obama signed the healthcare reform into law. Pfizer (NYSE:PFE) rose 2.3% and Bristol Myers Squibb (NYSE:BMY) advanced 1.2%. Tenet Healthcare (NYSE:THC), after its surge Monday, rose 0.5%. Stocks of health insurers were mixed with Cigna (NYSE:CI) down 0.9% and UnitedHealth (NYSE:UNH) slipping 0.4%. Aetna (NYSE:AET), however, closed up 1%.
The Dow Jones industrial average rose 103 points, or 1%, to close at 10,888.83, its highest level since September 26, 2008. The broader S&P 500 index advanced eight points, or 0.7%, and closed at 1,174.17, its highest level since September 26, 2008. The tech-heavy Nasdaq gained 20 points, or 0.8%, ending at 2,415.24, its highest close since August 18, 2008.
Of the 30 Dow components, 28 closed higher, led by Caterpillar (NYSE:CAT), which rose 4.1%, Kraft (NYSE:KFT), which gained 3.5% and Pfizer (NYSE:PFE). Shares in Caterpillar were up on hopes of broader economic recovery prospects, and analyst upgrades from Avondale Partners and Wells Fargo (NYSE:WFC).
All ten of the S&P500 industry sectors closed in the green yesterday. Leading the gainers were basic material shares (+1.4%), followed by industrials (+1.1%), technology (+1.0%), telecommunications (+0.9%), consumer goods (+0.8%), financials (+0.7%), consumer services (+0.5%), health care (+0.4%), utilities (+0.4%) and oil and gas (+0.4%).
Semiconductor shares were strong after Taiwan Semiconductor raised its estimate for global industry output growth to 22% this year from its prior estimate of 18%. Intel (NASDAQ:INTC) shares closed up 1.9%. Google's (NASDAQ:GOOG) shares dropped 1.5% after its announcement yesterday it will stop censoring its search results in China.
Crude prices rose 31 cents to $81.91, and gold prices jumped $4.20 to $1,103.70 late Tuesday. Treasuries fell as risk appetites improved, sending the 10-year off 8/32 in price as its yield increased to 3.689%.
Kansas City Fed President Hoenig, the Fed's lone supporter of maintaining the "extended period" language for interest rates in FOMC policy reports takes the mike at 10:45 am today. US dollar trade, already strengthened by weakness in euro, has seen increased activity on expectations of low interest rates.
This morning's news covered an S&P downgrade of Portugal's long-term credit to A+ from AA-, although most believed the move already priced in. Also making headlines is a report that says Germany and France, one day prior to the EU summit in Brussels, have agreed to a proposal that encourages Greece to knock on IMF’s door for financial aid.
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
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