Reply #102: Sucker rally discovers more suckers. [View All]

[ozymandius]

3:09
Dow 11,673.09 Up 57.32 (0.49%)
Nasdaq 2,382.10 Up 32.27 (1.37%)
S&P 500 1,290.41 Up 5.53 (0.43%)
10-Yr Bond 4.0460% Up 0.0390
NYSE Volume 3,450,842,250
Nasdaq Volume 1,767,831,120

3:00 pm : Stock market bulls drive the major indices to session highs. Six of the ten sectors are now in positive territory. The sectors that are still in the red are paring their losses.

The Nasdaq continues to outperform. The composite is benefiting from a better-than-expected earnings report from Cisco (CSCO 24.08, +1.43). Microsoft (MSFT 27.03, +0.82) is also providing leadership, after Bloomberg.com reported that a UBS analyst said Microsoft will buy back as much as $20 billion shares.DJ30 +61.14 NASDAQ +32.62 SP500 +5.86 NASDAQ Adv/Vol/Dec 1665/1.70 bln/1092 NYSE Adv/Vol/Dec 1713/806 mln/1353

2:35 pm : The major indices climb to session highs, thanks to mostly broad-based buying interest. The Dow and S&P 500 are posting slight gains, and the Nasdaq is up nearly 1%.

Despite the -0.5% drop in crude prices, the energy sector is up 1.2%, which is helping to offset the financial sector's decline of 1.0%.

The majority of this session's biggest percent losers are related to earnings reports. Freddie Mac (FRE 6.71, -1.33) is posting the largest decline of 16.5% in response to its large $821 million second quarter loss, and Fannie Mae (FNM 11.93, -1.67) is down 12.2% in conjunction with the news. Whole Foods (WFMI 19.94, -2.98) plummeted 13% after the company posted 23% year-over-year drop in earnings per share and suspended its dividend.

Sprint (S 7.45, -1.10), Dean Food (DF 21.89, -1.44) and News Corp (NWS.A 14.27, -0.98) are also among the session's big percent losers in response to their respective earnings reports.