Markets

Momentum continues for stocks

Stocks are up again today as are higher again today as bullish momentum continues to build.

S&P 500 futures are higher by 0.3 percent, while most of Europe is little-changed. Asia was also mostly flat overnight.

The S&P 500 bounced strongly on Monday and Wednesday after pulling back in the first half of the month. It's now less than 3 percent of May's all-time high and has held support above the top of its range in August and September.

Investors have also grown more accustomed to the idea of an interest-rate hike by the Federal Reserve next month, which could be supported by central bank speakers including William Dudley today.

optionMONSTER's proprietary researchLAB market scanner shows strength recently in housing-related companies, transports, and financials. Retailers have struggled on worries about the holiday-shopping season, though some are climbing on strong results today.

Foot Locker, for instance, rallied 6 percent after profit and sales surpassed estimates. Abercrombie & Fitch gained 20 percent on similar news. Ross Stores also climbed yesterday after beating consensus, and Nike rallied on plans to hike its dividend and split its shares. Gap and Williams-Sonoma declined on poor results.

In the technology sector, software Intuit surged 11 percent on strong earnings and revenue. Mentor Graphics, however, plunged 29 percent on weak guidance.

There are no economic reports scheduled today. The first half of next week is packed with events before the Thanksgiving holiday on Thursday.

Oil fell 1 percent, while gold, silver, and copper rose fractionally. The euro is lower and other currencies are little-changed.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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