This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

What a Week: Closing Kick

While economic bulls and bears were hashing it out this week, investors were busy snapping up stocks.

Indeed, the major averages rose to their highest levels in over three years, as oil prices declined and portfolio managers chased returns before the end of the year.

Few sectors were left behind. Although technology stocks came under pressure Thursday after Micron Technology (MU - Get Report) and Red Hat (RHAT) reported disappointing results, the tech-laden Nasdaq rose 1.2% for the week to 2161.

Retail, cyclical and consumer products stocks also moved higher while health care issues gained ground despite continued controversy over Pfizer's (PFE - Get Report) arthritis drug Celebrex and more bad news for AstraZeneca (AZN - Get Report). Even oil and oil service stocks posted mild gains amid a 5% drop in the price of crude.

For the week, the Dow rose 1.7% to 10,827 while the S&P 500 added 1.3% to 1210.

While liquidity and momentum have been strong recently, the debate about the economic outlook continues to rage.

Earlier in the week, the Conference Board's index of leading economic indicators, a gauge of future activity, rose for the first time in six months.

But some economists pointed out that four of the index's subcomponents are still in negative territory, including the yield curve, which is considered one of the best predictors of future growth.

Over the prior five months, the LEI had fallen a cumulative 1.3%, the worst performance since mid-1995, suggesting an economic slowdown might be on the way.

Sherry Cooper, chief economist at BMO Nesbitt Burns, said the index is misleading, however, because 80% of the decline in recent months has been due to just two indicators -- vendor delivery days and the flattening of the yield curve -- both of which have moved from overextended positions.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AZN $31.68 3.23%
MU $16.29 2.97%
PFE $31.97 1.95%
AAPL $112.34 4.29%
FB $89.89 3.05%

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs