(INDEXSP:.INX) rose steadily throughout the day to finish 0.5%
higher at 1838.63, which is within striking distance of the
all-time high of 1850.85 from mid-January.
Sector-wise, we saw notable strength in energy, housing, and
industrials, while financials, tech, and retail lagged.
Small caps were also sluggish, with the
(INDEXRUSSELL:RUT) up just 0.1%.
In all, the market seems to be repeating the pattern seen
throughout 2013 -- temporary dips below the 50-day moving average
on the S&P, at which point fears rapidly escalate before the
market resumes its climb up the wall of worry.
Economic and earnings numbers remain mixed at best, but the lack of
an outright disaster keeps the bears at bay, even with the Fed
backing off QE.
The January Import Price Index fell 1.5%, a smaller decline than
the 1.8% expected by Wall Street.
January Industrial Production fell 0.3%, which was well under
expectations for a 0.2% gain. Capacity Utilization was slightly
weak at 78.5%.
On the positive side, the February University of Michigan Consumer
Sentiment Index was unchanged at 81.2, beating the 80.2 consensus.
In earnings news,
) rose 5.0% to $43.01 after reporting fiscal second-quarter
earnings and revenues and full-year guidance that were above Wall
) was another earnings winner, staging a 7.0% rally to hit $52.85
at the close on a significant earnings beat.
On the downside,
) took a 5.1% hit after its fourth-quarter results disappointed
across the board. Earnings, revenues, and full-year guidance were
below Street estimates.
In other stock news,
Time Warner Cable
) rose 0.8% to $146.00 as sentiment toward its pending acquisition
) improved. Upon the agreement announcement Thursday morning,
investors were skeptical of the deal's chances of being approved by
regulators, but those fears are abating.
Tuesday's Financial Outlook
On Monday, the market will be closed in observance of Presidents'
We'll pick up things on Tuesday with earnings reports from
(MDT). In earnings, we'll be seeing the Empire Manufacturing Index,
Long-Term TIC Flows, and NAHB Housing Market Index numbers.