US equities settled in positive territory, retracing a move lower shortly after the open following lower than expected US New Home Sales for December. Positive sentiment from strong pre-market earnings prevailed and allowed the S&P 500 to continue its rally, the strongest for eight years. The S&P 500 settled just below the psychological level of 1500 after trading above it for the majority of the session, the index settled in positive territory which marks the eight positive close in a row and the Dow is on track for its best January since 1994. In terms of stocks, earnings continue to be the driving force behind performance with Netflix the best performing company for the second day in a row up 15.18% after reporting strongly yesterday and KLA-Tencor the second best up 8.12% after reporting today. In terms of sectors 10/10 finished in the green led by Consumer Services which has seen gains of 0.77% led by Netflix and Starbucks who moved higher by 4% after a strong earnings report today. Equities did move slightly lower near the closing bell after a large sell side imbalance of USD 1.2bln became was evident and dented the optimism that had driven equities throughout the session. Finally, the DJIA finished up 0.50% at 13894.60 the S&P 500 finished up 0.54% at 1502.88 and the NASDAQ 100 finished up 0.62% at 3149.71.
Fri, 21:02 25-01-2013