"Now...if I only had some green shoots to munch on..."
Another successful day for bulls, but certainly far less frenetic than yesterday’s rally. Some promising data in April pending home sales provides a supple tone for some modest gains, though trading was range-bound and pretty choppy through most of the session.
Could be some overbought fatigue setting in, so it’s hard to say what might motivate bulls to press this thing higher. Jobs come into sharper focus with tomorrow’s ADP estimate on May employment, precursor to Friday’s government NFP reading.
We’ll also see April factory orders, May ISM services index Wednesday.
Financials close lower, chips get hammered. Defensive consumer staples, health care lead sector advancers. DJIA rises 19.43 to 8740.87, and Nasdaq Comp adds 8.12 to 1836.80. S&P 500 ends 1.87 higher at 944.74.
US dollar weakness still being blamed on increased risk appetite, fewer investors desiring its safe haven, but that’s starting to get tired. We saw some risk aversion in equities trading today, as evidenced by staples and health care leading the advance, financials and some tech selling off.
Meanwhile, Nymex crude was weaker in the morning but made back just about all its earlier declines to close almost flat. Watch those prices at the pump, citizen.
June 2, 2009
[...] Market Talk (summary, no charts) [...]