Indices manage to score record highs for the fifth straight trading session
U.S. stocks finished Tuesday's thinly-traded sideways session essentially flat, on 11 November 2014 at Wall Street but still mustered enough forward momentum to post record highs for the fifth straight trading session. The S&P 500 and Dow Jones Industrial Average moved marginally higher on a day absent significant economic data drivers, while the bond market was closed for Veteran's Day.
The Dow Jones Industrial Average ended the day essentially flat at 17,614.90. The Nasdaq Composite rose 8.94 points, or 0.2%, to 4,660.56. The S&P 500 added 1.42 points to 2,039.68, registering a fresh record.
Financials and industrial sectors lagged while consumer discretionary, technology and materials registered gains.
It was a quieter trading day in the market place Tuesday, due to the U.S. Veterans Day holiday that had the U.S. government closed. U.S. stock indexes were firmer and are hovering at or near their record or multi-year highs.
The modest 0.3% retreat in the Dollar Index helped commodities gain.
Today's trading volume (600 million shares at NYSE) represented the lowest total since early September, but the subdued participation was understandable since the bond market was closed for Veterans Day.
Among stocks under focus, D.R. Horton reported a rise in fiscal fourth-quarter earnings, but missed consensus estimates. Shares were up 2.2%. Rival home builders also rallied, with the S&P home builders sub sector up 2.6%.
Zynga shares surged 11% after Jefferies lifted shares to buy from hold, citing potential from high growth in mobile games.
Bullion prices ended the U.S. day session moderately higher on Tuesday, 11 November 2014 at Comex. Gold settled fractionally higher on Tuesday near lows of the year after struggling to shake off early-session losses with the government, bond market and the banks closed down for Veterans Day.
Gold for December delivery settled up $3.20, or 0.3%, at $1,163 an ounce on the Comex division of the New York Mercantile Exchange. Gold worked its way out of an early loss in fits and starts, seeing a low of $1,145.50 an ounce and a high of $1,165.90. December silver settled up less than a penny at just under $15.68 an ounce.
Crude-oil futures were choppy on Tuesday, 11 November 2014 at Nymex after sharp overnight losses as markets continue to look for cues that could drive prices higher. Weak dollar managed to push prices higher though.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $77.87 a barrel, higher by 0.6%.
Meanwhile, weekly U.S. oil inventory data will be delayed by a day due to the Veterans Day holiday. On tap Wednesday is the launch of the International Energy Agency's world energy outlook report for 2014 that will provide investors with a long-term view of energy markets. Any surprise changes in forecasts may affect oil prices.
Participants did not receive any economic data today and tomorrow's economic news will be limited to the 7:00 ET release of the MBA Mortgage Index and the Wholesale Inventories report for September (consensus 0.2%), which will be released at 10:00 ET.
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