From Briefing.com: 4:30 pm : A finalized financial reform bill drove banks and a bevy of other financial services firms sharply higher Friday, but the broader market had to fight for even a modest gain.
The House and Senate reached an agreement on financial regulation this morning. The bill, which is expected to be passed in coming weeks, will prohibit banks from making risky bets with their own money, but some will still be able to participate in hedge funds and private equity funds. Though there are still some uncertainties related to the bill's implications, its finalization removes an overhang from the financial sector. Diversified financial services spiked 3.4%, investment banks and brokerages bounced 3.1%, and specialized finance stocks climbed 3.0%. The overall financial sector settled with a 2.8% gain, which was twice the 1.4% gain of the next best performing sector -- materials.
The materials sector was led by strength in gold and silver stocks like Newmont Mining (NEM 61.67, +2.72) and diversified metals plays like Freeport McMoRan (FCX 66.57, +3.13). Their gains came partly in response to a pullback by the greenback, which fell to a 0.5% loss against competing currencies.
The dollar's decline and the euro's resulting climb also coincided with an afternoon advance by the broader market, but the move proved difficult to sustain as stocks chopped lower into the close. Still, stocks were able to settle with a modest gain that snapped their recent losing streak at four sessions.
While the broader market saw mixed interest, small caps in the Russell 2000 spiked 1.9% ahead of the annual reconstitution of the Russell indices. The rebalancing occurs after the close, but preparation for the change stoked trading volume.
The latest in economic data and corporate headlines seemed to have little lasting impact on the overall mood of market participants this session.
The final GDP reading for the first quarter showed that the overall economy grew at a slower-than-expected rate of 2.7% from January through March. Meanwhile, personal consumption growth increased at a softer-than-expected rate of 3.0% and core personal consumption expenditures made a 0.7% increase, which is slightly stronger than many had anticipated.
Traders also got their hands on the final Consumer Sentiment Survey for June from the University of Michigan. It improved slightly to 76.0, which represents the best reading since January 2008.
Oracle (ORCL 22.60, +0.38) was one of the more widely held companies to recently report quarterly results. The company's earnings topped what Wall Street had expected. The company also issued solid guidance.
Research In Motion (RIMM 53.26, -5.32) also brought in a better-than-expected bottom line, but that was overshadowed by a relatively mixed forecast. Shares of RIMM plummeted to a fresh 52-week low in their worst single-session percentage drop in roughly nine months.
Advancing Sectors: Financials (+2.8%), Materials (+1.4%), Industrials (+0.6%), Utilities (+0.3%), Health Care (+0.2%), Consumer Discretionary (+0.1%)
Declining Sectors: Consumer Staples (-1.5%), Telecom (-1.2%), Tech (-0.6%), Energy (-0.1%) DJ30 -8.99 NASDAQ +6.06 NQ100 -0.3% R2K +1.9% SP400 +1.1% SP500 +3.07 NASDAQ Adv/Vol/Dec 1800/3.65 bln/827 NYSE Adv/Vol/Dec 2212/2.55 bln/810
11:36AM Power Integrations names Sandeep Nayyar CFO (POWI) 31.91 +0.13 : Co announced that Sandeep Nayyar has been appointed vice president and chief financial officer, effective today.
8:46AM On The Wires : Trina Solar Limited (TSL) announced that it is expected to supply PV modules to the University of Queensland St Lucia campus in Brisbane, Australia, to be used for a 1.2 MW solar system which will be installed on the rooftops of four university buildings...
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