Stock averages finish with around a 0.5% gain, off the best levels
but in the upper end of the day's range. Energy and financial share
gains paced the broader market advance. Commodities recovered from
early-week declines as the dollar resumed its slide.
Bets that consumer spending will improve following cruise operator
Carnival's (
CCL) raised outlook. Energy and financial shares are upside
leaders. Macy's (
M) gained after an analyst upgrade.
Google (
GOOG) topped the $500 mark Tuesday, setting a new 52-week
high after already rising more than 50% over the past six months. Wall
Street analysts have grown more positive on the stock lately, with
several raising their price targets.
Stocks did recoil from session highs following a Federal Housing
Finance Agency report that showed July home prices rose 0.3% but
remained down 4.2% from a year ago and 10.5% below their April 2007
peak.
Despite the still hesitant recovery in housing prices, the general
rise in global markets overnight gave support to stocks. The dollar is
in a broad decline against its major counterparts. Crude oil closed up
2.6% at $71.55 a barrel.
Also providing lift for crude, analysts surveyed by Platts expect a
decline in crude stocks of 2.25 million barrels for week ended Sept.
18. The analysts also expect a drop in refinery utilization rates. The
analysts surveyed by Platts also project buildups of 800,000 barrels in
gasoline stocks as well as 1.5 million barrels in distillate stocks.
The American Petroleum Institute will report on inventories this
afternoon.
The Federal Reserve started its 2-day policy meeting today. An announcement is due Wednesday afternoon.
NYSE up 78.5 (1.1%) to 7,047.13.
-DJIA up 51.01 (0.5%) to 9,830.
-S&P 500 up 7 (0.6%) to 1,072.
-Nasdaq up 8.3 (0.4%) to 2,146.
GLOBAL SENTIMENT
Hang Seng up 1.06%
Nikkei down 0.70%
FTSE up 0.37%
UPSIDE MOVERS
(+) M gets analyst upgrade.
(+) HPQ gets analyst upgrade.
(+) GOOG hits new 52-week high north of $500 after several analysts raise price target.
(+) DYNT jumps late in day after announcing contract to supply Western Rehabilitation Health Network's 114 clinics.
(+) FDS meets with Q4 results, guides above Street.
(+) AMAT inks multi-year service contract with ENN Solar Energy.
(+) OCLR raises outlook.
(+) BSDM reports cancer study results that used its hyperthermia system.
(+) DNDN started with new analyst coverage.
(+) NKTR presents favorable data for ovarian cancer investigational drug.
(+) CCL, CUK added to BofA/Merrill Europe 1 preferred list.
(+) KMX reports improved Q2 earnings.
(+) AIG continues upside move amid hopes for eased government help.
DOWNSIDE MOVERS
(-) AMR continues evening decline after announcing stock, debt issuance.
(-) LOW offers 2009, 2010 outlook update that's in line to below Street view.
(-) CRXX says FDA to review Neuromed's drug on Sept. 23.
(-) CAG turned lower; beat with Q1 EPS.
(-) DSTI turned lower; gets bridge financing.
