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Stocks Emerge With Gains Following Another Lackluster Session - U.S. Commentary

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US Market Commentary

Stocks Emerge With Gains Following Another Lackluster Session - U.S. Commentary
3/11/2010 4:36 PM ET

TOP MARKET NEWS

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(RTTNews) - Stocks were able to break firmly into positive territory in late-session dealing on Thursday, ending moderately higher despite lackluster data that led to choppy movement throughout the day. With the gains, the major averages all closed with fresh highs for another time this month.

This morning, the Labor Department released a report showing a modest decrease in first-time claims for unemployment benefits in the week ended March 6th, although the report also showed an increase in continuing claims.

Initial jobless claims edged down to 462,000 from the previous week's revised figure of 468,000. Economists had expected jobless claims to slip to 460,000 from the 469,000 originally reported for the previous week.

At the same time, the Labor Department said that continuing claims, a reading on the number of people receiving ongoing unemployment help, rose to 4.558 million in the week ended February 27th from the preceding week's revised level of 4.521 million.

Also on the economic front today, the Commerce Department reported that the U.S. trade deficit unexpectedly narrowed in the month of January, with the value of imports falling at a faster rate than the value of exports.

In news from the embattled housing sector, RealtyTrac, an online marketplace for foreclosure properties, stated that foreclosure filings rose 6 percent in February compared to last year but declined 2 percent from the previous month.

Meanwhile, Devon Energy Corp. (DVN) said that it has entered into agreements to sell its assets in the deepwater Gulf of Mexico, Brazil and Azerbaijan to British oil giant BP plc (BP) for $7.0 billion.

The major averages all saw notable upside late in the day, closing at their session highs. The Dow gained 44.51 points or 0.4 percent to end at 10,611.84, the Nasdaq advanced by 9.51 points or 0.4 percent to 2,368.46, and the S&P 500 rose by 4.63 points or 0.4 percent to 1,150.24.

Sector News

Banking stocks were some of the markets' late-session leaders, resulting in a 1.7 percent advance by the Kbw Bank Index. With the advance, the index finished at a sixteen-month closing high.

Synovus Financial Corp. (SNV) helped to boost the sector, advancing by 9 percent and reaching its best closing price in nearly five months.

Health insurance stocks also posted strong gains, with the Morgan Stanley Healthcare Payor Index rising by 1.6 percent. The climb lifted the index to its highest closing level in six weeks.

Railroad, networking, gold and healthcare provider stocks also advanced on the day, while modest weakness was visible among steel and semiconductor stocks.

Dow Components

Merck (MRK) pulled out to the front of the pack in the Dow late in the session, ending higher by 1.6 percent. Despite the advance, shares of the drug-maker remained rangebound.

Disney (DIS) was also one of the leaders in the blue chip index, posting a gain of 1.4 percent. The gain propelled shares of the entertainment giant to a fresh eighteen-month closing high.

IBM Corp. (IBM), Travelers (TRV) and Home Depot (HD) also saw gains in excess of 1 percent, further boosting the Dow.

Meanwhile, 3M (MMM) and Coca-Cola (KO) slid by 0.4 percent and 0.3 percent, respectively, partly offsetting the gains posted by the other Dow components.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region closed mostly higher on Thursday. Japan's benchmark Nikkei 225 Index gained 1 percent, while Hong Kong's Hang Seng Index edged up by 0.1 percent.

Meanwhile, the major European markets ended the day moderately lower. The U.K.'s FTSE 100 Index and the French CAC 40 Index both fell by 0.4 percent, while the German DAX Index edged down by 0.1 percent.

In the bond markets, treasuries closed mixed following the day's strong thirty-year bond auction. The yield on the benchmark ten-year closed at 3.720 percent, unchanged on the session.

Looking Ahead

Friday, traders are likely to look to data on retail sales, consumer sentiment and business inventories while comments from Secretary Treasury Timothy Geithner may also attract attention.

For comments and feedback: contact editorial@rttnews.com

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