Broad Based Advance, Homes Sales Up, Manufacturing Upbeat

By | TradingMarkets.com | July 01, 2009 04:30 PM
Symbols: GIS, YUM, RPRX, STZ

The first day of the third quarter began with a bang. All ten sectors of the S&P 500 advanced on positive economic data from manufacturing and pending home sales. However, stocks closed well off their highs of the day as traders took profits in anticipation of the July 4th holiday weekend. The DJIA climbed +57.06 to 8504.06, the Nasdaq added +10.68 to 1845.72 and the S&P 500 eased ahead by +4.01 to 923.33.


Constellation Brands ( STZ | Quote | Chart | News | PowerRating) - Advanced 7.65% or 97 cents to $13.65 after the wine company beat analysts estimates by 1 cent.


General Mills ( GIS | Quote | Chart | News | PowerRating) - The cereal giants fourth quarter profit soared 94% due to slower ingredient cost growth sending shares higher by 3.71% or $2.08 to $58.10.


Yum! Brands ( YUM | Quote | Chart | News | PowerRating) - Goldman raised their rating to a "buy" causing shares to gain 5.10% or $1.70 to $35.04.


Repros Therapeutics ( RPRX | Quote | Chart | News | PowerRating) - Collapsed after being downgraded to "market perform" at Openheimer & Co. Shares dropped 31.02% or $2.23 to $4.96 on the downgrade.


Gold climbed $13.90 to $941.30, Oil fell 58 cents to $69.18 and the fear index VIX gave back 0.49% to 26.22.


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Market Snapshot
















Dow

 +57.06 850406










NASDAQ

 +10.68 1845.72






S&P 500

 +4.01 923.33










Economic
News









Consumer Confidence (Jun): Consensus: 55.1, Prior: 54.9


S&P/Case-Shiller Home Price Index (Apr): Consensus: -18.75%, Prior: -18.70%


Chicago PMI (Jun): Consensus: 38.5, Prior: 34.9


ADP Employment Change (Jun): Consensus: -363K, Prior: -532K


Construction Spending (May): Consensus: 0.5%, Prior: 0.8%


ISM Index (Jun): Consensus: 44.0, Prior: 42.8


Pending Home Sales (May): Consensus: 1.1%, Prior: 6.7%


Crude Inventories (06/26): Consensus: NA, Prior: -3.87M


Auto Sales (Jun): Consensus: NA, Prior: 3.3M


Truck Sales (Jun): Consensus: NA, Prior: 4.1M


Nonfarm Payrolls (Jun): Consensus: -370K, Prior: -345K


Unemployment Rate (Jun): Consensus: 9.6%, Prior: 9.4%


Hourly Earnings (Jun): Consensus: 0.2%, Prior: 0.1%


Average Workweek (Jun): Consensus: 33.1, Prior: 33.1


Initial Claims (06/27): Consensus: NA, Prior: 627K


Factory Orders (May): Consensus: 0.2%, Prior: 0.7%


Read David's latest thoughts on his blog, www.marketsurfer.com
Original publication: July 01, 2009
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