Market Recap
It appears that stocks aren't missing a beat in 2004, as the first full
trading week of the year got off with a bang. The Dow Jones Industrial
Average topped the 10,500 mark for the first time since March 2002 and,
more importantly, held on above this key mark through out the afternoon.
All other major market indices easily gained more than one percent,
although the winner on the day was the tech sector, which advanced by more
than two percent. Tech stocks were definitely helped by the positive news
from the Semiconductor Industry Association (SIA). The SIA announced that
DRAM sales were up four percent in November while microprocessor jumped
3.5 percent higher. This increase indicates growing strength in PC sales.
Tech issues were also boosted higher on news that Siebel Sytems raised its
fourth-quarter outlook due to better-than-expected license sales. The
company now anticipates a profit of eight cents per share on revenue of
$365 million. Prior to today's announcement, the firm had forecast a
profit between five and six cents per share on revenue of $335-355
million.
Surprisingly strong economic news from the construction sector got things
off on the right foot. Overall construction spending zoomed ahead by 1.2
percent in November after October's revised 1.1-percent advance. Analysts
had been expecting a mere 0.5 percent. Spending was strong on roads and
office buildings, while residential construction added 1.9 percent.
The drug sector ended the day slightly higher as it was torn in two
different directions. Eli Lilly warned that 2004 earnings would come in at
$2.80-2.85 per share compared to the Street estimate of $2.93 per share.
First-quarter earnings are expected at 65-67 cents per share versus the
consensus forecast of 67 cents per share. Meanwhile, Pfizer was upgraded
from "equal weight" to "overweight" on improved pipeline visibility and
more management focus of improving financial returns.
The Dow was strong across the board, as only three of its members (J.P.
Morgan Chase, Altria Group, Wal-Mart Stores) finished in the red.
Caterpillar, 3M Company, and IBM led the way with double-digit Dow-point
gains. The blue-chip barometer soared 134 points (or 1.29 percent) higher
in trading. The Nasdaq Composite also skipped 13 points (or 1.24 percent)
higher this afternoon.
Levels to watch for in Tuesday's trading :
Dow Jones Industrial Average (INDU) - support at 10,000; resistance at 10,
600
S&P 500 (SPX) - support at 1090, resistance at 1160
Nasdaq Composite (COMP) - support at 1950; resistance at 2100
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Last
$5.71 |
Change
0.130(2.33%) |
Mkt cap ! $3.857B |
Open | High | Low | Value | Volume |
$5.68 | $5.73 | $5.63 | $8.451M | 1.485M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 3195 | $5.67 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$5.71 | 27381 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 3195 | 5.670 |
3 | 38563 | 5.660 |
4 | 22671 | 5.650 |
4 | 16908 | 5.640 |
1 | 2525 | 5.630 |
Price($) | Vol. | No. |
---|---|---|
5.710 | 27381 | 4 |
5.720 | 7901 | 3 |
5.730 | 36236 | 5 |
5.740 | 13781 | 3 |
5.750 | 17930 | 2 |
Last trade - 16.10pm 16/05/2022 (20 minute delay) ? |
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Last
$5.70 |
  |
Change
0.130 ( 2.30 %) |
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Open | High | Low | Volume | ||
$5.68 | $5.73 | $5.64 | 969900 | ||
Last updated 15.59pm 16/05/2022 (live) ? |
DOW (ASX) Chart |