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Bob Carey
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  US Stocks Week Ended November 11, 2011
Posted Under: Weekly Market Commentary

 
Last week’s market felt like a roller coaster. The first two days pushed the market higher almost 2% as the Italian Prime Minister agreed to resign. Negativity quickly came in with delays in the forming of permanent governments in Italy and Greece and reports of possible margin raises on Italian debt by a large clearing house in Europe. This caused the market to open down sharply on Wednesday and finish the day down over 3.50%. As Greece appointed a new Prime minister and concerns over Europe eased, the market began to rise back on optimistic US news to end the week in positive territory. The market pushed higher at the end of the week as jobless claims decreased this week to 390K, the lowest level in seven months. University of Michigan Survey of Consumer Confidence Sentiment came in higher than expected at 64.2 from last month’s 60.9. Economist consensus was 61.5. While all the sectors except financials had positive performance, health care stocks led the way. On earnings news this week, several companies outperformed their estimates. Priceline.com, Rockwell Automation, Cisco Systems, Walt Disney and Viacom are just some of the big names that had positive earnings surprises. Viacom turned in the best performance in the S&P 500 with a 9.00% return. Lowe’s Cos and Rockwell Automation returned over 7.00% and Walt Disney, Express Scripts, Cisco Systems and Merck were some of the companies that returned over 5.00% for the week. Next week will bring more earnings news from companies such as Lowe’s Cos, Staples, Wal-Mart Stores, Home Depot and Sears Holdings.
Posted on Monday, November 14, 2011 @ 2:56 PM • Post Link Share: 
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These posts were prepared by First Trust Advisors L. P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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