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US Market Commentary

Stocks End Nearly Unchanged Following Mixed Economic Data - U.S. Commentary
3/12/2010 4:44 PM ET

TOP MARKET NEWS

Stocks End Nearly Unchanged Following Mixed Economic Data - U.S. Commentary

Pelosi Kills Public Option Despite Senate's Willingness To Fight For It

Congressional Republicans Name Members Of Obama's Deficit Commission

Stocks Nearly Flat In Mid-Afternoon Trading - U.S. Commentary

Stocks Little Changed In Early Afternoon Trading - U.S. Commentary

(RTTNews) - Stocks closed the week on a mixed note Friday, as upbeat February retail sales data failed to rouse the markets in the wake of a disappointing reading on consumer attitudes. The major averages struggled to find direction on the day, ending on opposite sides of the unchanged line.

Trader sentiment was boosted ahead of the opening bell, as the Commerce Department said that retail sales rose by 0.3 percent in February following a downwardly revised 0.1 percent increase in January. The growth came as a surprise to economists, who had expected sales to edge down by 0.2 percent compared to the 0.5 percent growth originally reported for the previous month.

Excluding a 2.0 percent drop in sales by motor vehicle and parts dealers, sales increased by a more substantial 0.8 percent in February compared to a 0.5 percent increase in the previous month. Economists had expected ex-auto sales to edge up by 0.1 percent.

However, buying interest quickly subsided after Reuters and the University of Michigan released a report showing that the preliminary reading on their consumer sentiment index for March fell to 72.5 from February's final reading of 73.6. Economists had expected the index to edge up to a reading of 74.0.

Meanwhile, another report from the Commerce Department said that business inventories were essentially unchanged in the month of January following a revised 0.3 percent decrease in December. Inventories had been expected to edge up by 0.1 percent compared to the 0.2 percent drop originally reported for the previous month.

In other news, the Obama administration has reportedly tapped San Francisco Federal Reserve President Janet Yellen to take over as Vice Chair of the Federal Reserve following the retirement of the current vice chairman Donald Kohn.

On the corporate front, Canadian fertilizer and agricultural products distributor Agrium, Inc. (AGU) announced that it will no longer pursue U.S.-based rival CF Industries Holdings Inc. (CF) and will let its exchange offer for CF shares expire on March 22nd.

The major averages turned in a mixed performance on the day, with the Dow posting a modest gain. The Dow rose by 12.85 points or 0.1 percent to end at 10,624.69, while the Nasdaq fell 0.80 points or less than a tenth of a percent to 2,367.66 and the S&P 500 edged down by 0.25 points or less than a tenth of a percent to 1,149.99.

Despite a series of lackluster sessions this week, the major averages were able to see weekly gains. The Dow and the S&P 500 advanced by 0.6 percent and 1 percent, respectively, while the tech-heavy Nasdaq gained 1.8 percent for the week.

Sector News

Health insurance stocks were some of the day's worst performers, with the Morgan Stanley Healthcare Payor Index falling by 1.4 percent. The drop dragged the index down off of Thursday's nearly seven-week high.

Banking stocks also saw notable losses, driving the Kbw Bank Index down by 1 percent and off of a sixteen-month closing high set yesterday.

Citigroup (C) weighed heavily on the sector, posting a loss of 5 percent. The loss came after shares of Citigroup ended the previous session at their best closing level in over three months.

Gold, housing and networking stocks were also under pressure, while commercial real estate stocks helped to offset some of the downside. The Morgan Stanley REIT Index rose by 0.9 percent, closing at a seventeen-month high.

Steel, oil service and airline stocks also moved higher on the day, although by more modest margins.

Dow Components

The Dow was able to eke out a gain, as shares of General Electric (GE) boosted the blue chip index with a 3.4 percent advance. With the upward move, the stock closed at its best price in fifteen months.

Caterpillar (CAT) also saw significant strength, rising by 2.5 percent. Shares of the construction equipment manufacturer ended the session at their highest closing price in nearly two months.

American Express (AXP), Home Depot (HD) and Merck (MRK) also closed higher, while Bank of America (BAC) saw a notable loss, sliding by 1.6 percent. The pullback dragged the stock off of the five-month closing highs set yesterday.

Pfizer (PFE), Travelers (TRV) and United Technologies (UTX) were also under pressure, limiting the advance by the Dow.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region saw a mixed outing on Friday. Japan's benchmark Nikkei 225 Index gained 0.8 percent, while Hong Kong's Hang Seng Index edged down by 0.1 percent.

Meanwhile, the major European markets closed mostly higher. The U.K.'s FTSE 100 Index and the German DAX Index rose by 0.2 percent and 0.3 percent, respectively, while the French CAC 40 Index edged down by less than a tenth of a percent.

In the bond markets, treasuries closed modestly higher after recovering from earlier losses. Subsequently, the yield on the benchmark ten-year note ended at 3.710 percent, down by 1 basis point on the day.

Looking Ahead

Next week, the markets are likely to look to data on industrial production, housing starts and inflation, along with the customary weekly jobless claims report.

For comments and feedback: contact editorial@rttnews.com

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