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Bob Carey
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  US Stocks Week Ended January 11, 2013
Posted Under: Weekly Market Commentary
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Last week, the S&P 500 Index had positive performance with a 0.43% return. This followed a 2.84% return for the previous week's first three days of 2013 which included a 2.56% return for the first trading day of the year. This single day performance was better than any trading day in 2012. The first full trading week of the year opened down from the previous week's close as investors had concerns over the coming fourth quarter earnings season. Both Monday and Tuesday closed down 31 and 29 basis points, respectively. Wednesday shifted the momentum in the other direction as Alcoa reported good earnings with revenues well above expectations and raised its global demand forecast. Thursday's 0.76% return was the best performing day of the week. Investors switched their focus to positive data out of Europe and Asia which led to optimism about the possibility of a recovery in the global economy. Friday closed flat after a volatile trading day. US initial jobless claims came in at 371K. That was an unexpected increase from the previous week's revised number of 367K and more than the consensus of 365K. Six of the ten economic sectors had positive performance and two were flat last week. The health care sector was the best performing sector with a 2.02% return for the week. Materials and information technology sectors followed with 0.89% and 0.58% returns, respectively. Utilities' -1.02% return was the worst performance of all the sectors and was followed by telecommunication services' return of -0.98%. Best Buy Co. Inc., which retails consumer electronics and appliances, and Celgene Corp, a global biopharmaceutical company, turned in the two best performances in the S&P 500 Index with a 17.34% and 17.27% gain respectively. The next two best performers were Micron Technology Inc. and Harman International Industries Inc. with returns of 8.33% and 7.94%, respectively. This week will bring earnings news from financials and other companies such as General Electric Co., JPMorgan Chase & Co., Bank of America Corp, Citigroup Inc., Intel Corp, Schlumberger Ltd, Goldman Sachs Group Inc., UnitedHealth Group Inc., and many more.
Posted on Monday, January 14, 2013 @ 8:45 AM • 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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