Quite a steady day today, comparing to the volatility that the market has seen recently. Most investors are probably waiting on the sideline for the Fed’s rate decision tomorrow. The Dow was up +96.41 points; SPX added +8.33 points; and the Nasdaq gained +8.15 points.
Here’s how the market closed:
HGX (housing) and XLF (financials), led the market again, rising +2.92% and +1.53% respectively. INX2 (Internet), BTK (biotech), and SWH (software) made small gains. GLD (gold) and GDX (gold miners) both took a breather. MOO (agriculture) rose +1.7%.
SPX
SPX added +8.33 points to close at 1362.30. It stayed above its 10-day MA and its MACD continued to rise.
Nasdaq
Nasdaq added +8.15 points to close at 2358.06. It closed above the 2350 level, and above its 10-day MA. The MACD also went up.
YHOO reported a quarterly profit that dropped 23%; although on earnings per share basis, it beat the estimates. However, its forecast for 2008 disappointed the investors. YHOO shares traded 10% lower in AH trading. This morning, ZMH announced solid earnings and strong outlook for 2008. Its shares were up +13.15%. AXE shares jumped +18.1% today, after reporting a quarter profit that rose +35% on improved sales. EXM exposed plans to acquire QMAR in a deal worth about $2.45 billion. EXM shares traded lower by 3.7% while QMAR shares jumped over +30%!
Good night and HappyTrading! ™
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