What’s Happening In The Market Now..
- The market moved up at the open this morning while investors digest the latest round of economic data and earnings reports. However it couldn’t keep up and went red soon. Eventually Dow had the lowest close in more than 6 years.
- The Labor Department said wholesale prices increased by 0.8 percent last month, the biggest gain since last July and well above the 0.2 percent increase that economists had expected.
- Also from the Labor Department, the number of people receiving regular unemployment benefits rose 170,000 to 4.99 million for the week ending Feb. 7, marking the fourth straight week those receiving benefits have been at a record level.
- Oil prices moved above $35 a barrel with a drop in the dollar encouraging investors to buy crude.
- In other news, the Obama administration wants UBS to turn over information on as many as 52,000 U.S. customers who concealed their accounts from the U.S. government in violation of tax laws.
- Sectors starting the day out strong include broadcasting, wireless telecom, airlines and computer & electronics retail while computer hardware, healthcare facilities, railroads are down.
Stocks Most Watched Today
Goldman Sachs Group Inc. (GS), Whole Foods Market, Inc. (WFMI), Norfolk Southern Corp. (NSC), CBS Corporation (CBS), O Reilly Automotive Inc (ORLY), Reliance Steel and Aluminum Co (RS), Walgreen Co (WAG), Noble Corp (NE), Kinross Gold Corporation (KGC), Burlington Northern Santa Fe Corp (BNI), LDK Solar Co Ltd (LDK), CSX Corporation (CSX), BioMarin Pharmaceutical Inc (BMRN) and Omnicom Group Inc (OMC).
Today’s News Leaders…
Sprint Nextel Corporation (S), Hewlett Packard Co (HPQ), CVS Caremark Corporation (CVS), Newmont Mining Corp Holding Co (NEM) and Advance Auto Parts (AAP).
Potash Corp (POT), DIRECTV Inc (DTV), Intuit Inc (INTU), Netflix Inc (NFLX) and Fortune Brands Inc (FO).
ETFs and HOLDRs Watched Today…
iShares Dow Jones US Finance Sector Index Fund (IYF), ProShares Short Dow30 (DOG), PowerShares DB Oil Fund (DBO), iShares DJ US Real Estate Index Fund (IYR) and SPDR S&P Biotech (XBI).
Tip of the Day…
Do some bargain hunting. Option volatility picks up as people try to close out positions early. You can sometimes make a nice profit by helping someone else out of a trade gone bad.