Mar. 13, 2009 (Investor's Business Daily) -- Markets on Friday neither extended nor contested Thursday's rally confirmation, notching a positive finish, but in lower volume.
Health care issues led throughout the day. The NYSE's Healthcare Index posted a 3% gain. The Nasdaq's biotech sector jumped 1.6% and its insurance component surged 2.6%.
According to preliminary calculations, the Nasdaq and S&P 500 indexes packed on 11% gains for the week. The NYSE composite plowed ahead 10% and the Dow threw down a 9% advance. Thursday's big volume gains turned the market from correction to confirmed rally. That signals buyers back into the market, but recommends only cautious buying until the rally proves its intent.
For Monday, analysts expect industrial production capacity utilization numbers from the Federal Reserve to show a fifth straight month of declines. The New York Fed is scheduled to release its Empire State Manufacturing Survey numbers for March. Both sets of data are due out before the market opens.
Keep an eye on Houston Wire & Cable (HWCC), Landry's Restaurants (LNY) and Sterling Construction (STRL), which plan to announce Q4 earnings prior to the market opening. China-based Internet content provider Sina (SINA) is on tap to report after hours.
4:15 p.m. Update: Indexes Cap Strong Week By Closing Near Day's Highs
BY JUAN CARLOS ARANCIBIA
The market closed higher after fighting off midday weakness.
The Nasdaq rose 0.4% while the NYSE composite, S&P 500 and Dow were up 0.8% at the closing bell.
The indexes erased midday losses with an afternoon advance. The major averages closed near session highs.
Volume was lower as trading slowed in afternoon dealings.
A number of medical industry groups were among the day's best performers.
3:15 p.m. Update: Techs Lag, But Med Stocks Rock In Late Trade
BY ALAN R. ELLIOTT
Sagging tech sectors held the Nasdaq below water, but the other major indexes kept mild gains heading into the final hour of trading.
The Nasdaq composite remained at a 0.8% loss. The NYSE composite and the S&P 500 were up 0.6%, the Dow 0.5%.
Biotech and insurance sectors led on the Nasdaq. The NYSE Healthcare Index bolted ahead 2.7%, by far the exchange's fastest-moving sector. Medical segments were six of the 15 biggest-gaining groups among the 197 industries tracked by IBD.
Volume remained mixed, mildly higher on the NYSE and down a bit on the Nasdaq. Advancers led declining issues by 3-to-2 on the NYSE while running essentially even on the Nasdaq.
Thinly traded Ebix (EBIX) spiked up 14% in big trade. The provider of Internet-based IT solutions to insurance brokers is turning in rip-snorting EPS growth but has been correcting since last August.
LHC Group (LHCG) cranked out a 9% advance, putting it 27% higher for the week. The provider of home-based and long-term medical services is mired in a deep two-month correction.
2:15 p.m. Update: Nasdaq Still Red, While Others Improve
BY VINCENT MAO
Stocks improved with most indexes hovering near the unchanged mark in afternoon trading Friday. But the tech-heavy Nasdaq remained underwater.
The Dow was up 0.1%, while the NYSE composite and S&P 500 were flat. The Nasdaq fell 0.4%, dragged lower by Research In Motion (RIMM), Adobe Systems (ADBE), Amazon.com (AMZN) and Apple (AAPL).
Chipmakers, however, were one pocket of strength. The Philadelphia semiconductor index gained 1.3%, its fourth straight advance.
Volume turned mixed, with the NYSE higher and the Nasdaq lower.
NetEase.com (NTES) rose 3% in fast trade; it may be forming a handle. Late last month, the Chinese Internet portal delivered a 91% jump in Q4 earnings. That marked the third straight quarter of accelerating growth.
