From Briefing.com: 4:30 pm : Data helped dissolve a negative tone in early trade, but financials provided the leadership necessary to take the stock market to a fractionally improved two-year high.
Losses among overseas markets weighed on stock futures this morning, but the tone improved with news that the ADP Employment Change reading showed that 300,000 private payrolls were added during December. Many were quick to speculate that since the ADP tally is triple what had been expected, a strong non-farm payrolls report will likely be released this Friday.
Participants didn't respond to the December ISM Services Index, which hit a four-year high of 57.1 to best the Briefing.com consensus call for a reading of 55.7.
Stocks were a bit sluggish in the early going as financials were the only sector to sport a gain in the early going. Financials gradually garnered additional buying and pushed to a 1.2% gain. AIG (AIG 60.95, +4.17) was one of the sector's top performers following news that a $3 billion bid was made for the firm's Taiwan unit.
Strength among financials inspired broader buying, such that utilities (-0.6%) made up the only sector to log a loss. That helped both the S&P 500 and Dow inch past the heights reached earlier this week for fresh two-year highs.
The Nasdaq couldn't quite eclipse the high that it set earlier this week, but it still scored a better gain than either of its counterparts. The Nasdaq was led by a handful of tech plays, namely Apple (AAPL 334.00, +2.71). Qualcomm (QCOM 52.03, +1.06) was also strong after it confirmed plans to acquire Atheros (ATHR 44.64, +0.64) for $45 per share.
Outside of the major averages, the Amex Airline Index ascended to a 1.6% gain following a flurry of monthly traffic reports. The Airline Index is already up 4.0% this year. That only adds to a near 40% annual gain in 2010.
Commodities had a weak start, but were able to rebound. More specifically, the CRB Commodity Index ended the day with a 0.5% gain after it was down 1.0% this morning. Oil was key driver in that bounce; it settled at $90.30 per barrel for a 1.0% gain after it had been down more than 1% even after a larger-than-expected draw from weekly inventories was reported.
The dollar advanced 1.0% against a collection of competing currencies. That was its best percentage gain in three weeks and makes for its third straight advance since settling lower in seven straight sessions.
Treasuries were trounced today. That left the yield on the benchmark 10-year Note to rise above 3.45% to its highest level this week.
Advancing Sectors: Financials (+1.2%), Consumer Discretionary (+0.8%), Tech (+0.7%), Telecom (+0.6%), Industrials (+0.5%), Energy (+0.2%), Consumer Staples (+0.1%), Health Care (+0.1%)
Declining Sectors: Utilities (-0.6%)
Unchanged: MaterialsDJ30 +31.71 NASDAQ +20.95 NQ100 +0.8% R2K +1.2% SP400 +0.6% SP500 +6.36 NASDAQ Adv/Vol/Dec 1879/2.07 bln/777 NYSE Adv/Vol/Dec 1802/1.04 bln/1192
5:01PM Emcore receives notification of deficiency from NASDAQ due to delay in filing form 10-K (EMKR) 1.17 +0.03 : Co intends to file the 2010 Form 10-K as promptly as practicable once Deloitte is able to re-issue its opinion with respect to the prior fiscal years. The Company is required to submit a plan to regain compliance with NASDAQ's requirements for continued listing and the plan must be submitted no later than February 28, 2011.
10:27AM STMicroelectronics and Ericsson (ERIC) jv announced its LTE modem will support Verizon Wireless' 4G LTE Mobile Broadband network (STM) 10.77 +0.04 : ST-Ericsson announced that its LTE modem will support Verizon Wireless', joint venture of Verizon Communications (VZ) and Vodafone (VOD), 4G LTE Mobile Broadband network.
Marvell (MRVL) announced that leading French service provider, Free, a subsidiary of Iliad, will integrate a full suite of Marvell advanced processors, switching and Wi-Fi technologies to power the new Freebox Revolution multi-service gateway.
FEI Company (FEIC) announced that the CANMET Materials Technology Laboratory, a research center funded by the Canadian government, has selected three of FEI's latest electron microscope systems for its new facility at the McMaster Innovation Park, Hamilton, Ontario.
DivX, a division of Sonic Solutions (SNIC), announced that its comprehensive Internet TV service is continuing momentum with new partners across content brands and integrated circuit manufacturers. New DivX TV content sources just announced at CES include: AOL, Amos TV, Automotive Rhythms TV, Ebru TV, New Tang Dynasty, Right Network, Slacker Radio, Wealth TV. In addition to new content partnerships, the following integrated circuit manufacturers are working to implement DivX TV on their platforms: Broadcom Corporation (BRCM), Marvell Semiconductor (MRVL) and Renesas Electronics Corporation.
Glu Mobile (GLUU) announced a strategic partnership with NVIDIA (NVDA). This partnership highlights Glu's leadership in delivering unparalleled gaming experiences to Android-powered tablets and mobile devices.
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