Stock Market News for December 01, 2009 - Market News
U.S. stocks turned higher at the end of a tumultuous session Monday as investors grew confident that Dubai’s debt problems would not escalate into a major crisis. Uninspiring retail sales during the Thanksgiving weekend and a weak dollar also played on sentiments as stocks managed to push higher, led by financials.
Diminishing fears about Dubai’s credit crisis sent overseas markets higher today. This morning’s stock futures show US stocks will follow their overseas counterparts. Ahead of the opening bell, Dow Jones industrial average futures are up 68 points, or 0.7%, at 10,402. Standard & Poor's 500 index futures are up 8.20, or 0.8%, at 1,103.00, while Nasdaq 100 index futures are up 17 points, or 1%, to 1,784.50.
On Monday, the 30-share Dow Jones industrial average added 35 points, or 0.3%, to 10,344.84. The broad Standard & Poor’s 500 index gained 4 points, or 0.4%, to 1,095.63. The tech-heavy NASDAQ composite rose 6 points, or 0.3%, to 2,144.60. Market breadth was negative. On the New York Stock Exchange, advancing issues beat those that declined in price by a four-to-three margin on volume of 1.35 billion shares.
Yesterday's rally was led by financials (+2.6%), as six of the S&P500's ten industry groups recorded gains. On the DJIA too gains were led by financial components, with JP Morgan (NYSE:JPM) rising 2.8%, Bank of America (NYSE:BAC) up 2.5%, American Express (NYSE:AXP) adding 2.4%, Travelers (NYSE:TRV) advancing 1.4%.
Treasuries were mixed, with the yield on the 10-year remaining steady at 3.20%, unchanged from Friday. Gold prices went past a technical barrier, hitting a record price above $1,200 per ounce. Rising risk appetites globally pushed the greenback lower.
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