market summary: Close Dow +121.82 at 10290.28, S&P +12.40 at 1118.31, Nasdaq +23.02 at 1873.43: The market averages began the session on a favorable but trade once again was restrained. Helping to underpin in the early going were some positive developments in the retail sector. While the news was not overwhelming bullish in terms of the number that topped the consensus vs those that did not (see Briefing.com Same-Store-Sales calendar), there were favorable results from American Eagle (AEOS +6.7%), Gap (GAP +5.6%) along with Abercrombie & Fitch (ANF +9.7%) and upside guidance that helped to dispel worries about a discretionary spending slowdown following the July report. Also providing a boost was the stronger than expected Factory Order report for July which came in at 1.3% vs the consensus of 1.1% with the previous month revised higher to 1.2% vs 0.7%. Consolidative action near the highs dominated into the afternoon as caution in front of the Intel (INTC +0.9%), further intraday gains in oil and concern about the weekend hurricane limited follow through. Buyers returned in fairly aggressive fashion over the last two hours as crude oil reversed to the downside with the average breaking above technical levels. Rumors of better than expected jobs data, possibly fueled by positive comments from Council of Economic Advisors, was also cited for the afternoon strength. Volume did pick up during the run but it was still below the pace of the last few days. The Treasury market was under pressure throughout with position squaring in front of the employment report and the bearish oil reversal pressuring. DOT +1.6%, Nasdaq 100 +1.4%, Russell 2000 +1.3% , SOX +1.5%, S&P Midcap 400 +0.9%, XOI +0.9%, NYSE Adv/Dec 2365/932, Nasdaq Adv/Dec 2019/1004
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