As we close the books on the stock market for the month of March 2011 all three major indices ended the month mixed. The Dow Jones Industrial Average closed to end the month up +0.76%, as the Nasdaq Composite Index ended the month down -0.04% and the Standard and Poors 500 down -0.10%.
As the week came to and end all three major indices closed on the upside. The Nasdaq ended the week up +1.70% followed by the S&P 500 up +1.42% and the Dow Jones Industrial Average up +1.28%.
The industry groups that helped the market move higher were DJ US Forestry/Paper Index +6.98%, followed by the Biotechnology Index +5.55%, Health Care Provider Index +3.26%, S&P Chemical Index +2.57, as well as the Dow Jones REITs Index +2.56%.
The top stocks in the market this week were (INHX) Inhibitex, Inc. +54.58%, (GSIC) GSI Commerce, Inc. +51.39%, (OXM) Oxford Industries, Inc. +42.62%, (VHC) VirnetX Holding Corp. +32.48%, and (CEPH) Cephalon, Inc. +31.33%.
The unemployment rate was better than expected as 216,000 jobs were added in March the best since May of 2010 as private payrolls rose by 230,000 after rising 240,000 the month prior.
Manufacturing accelerated at its fastest pace in 7 years as the participation rate held its position at a 27 year low suggesting that many workers are continuing to be discouraged and are still searching for jobs.
The price of crude oil continued to move higher as it ended the week trading at $108.01 per barrel up $2.61 or +2.48%. The price of oil may move as high as $150 by the end of July 2011 as turmoil in the middle east continues.
As for the price of gold, the index ended the week trading at $1,428.30 per troy ounce down $1.10 or -0.08%. For now the price of the precious metal is slightly below its all time price high at $1,447.30.
The Dow Jones Industrial Average began the week opening at 12,221.19 and moved to a price low in the 12,173.51 area before ending the week trading slightly higher to the upside.
The indices is currently 14.57 points away from a 52 week price high in the 12,391.29 area. The index is above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the index is in the 11,461.25 area with upside resistance in the 12,391.40 area.
The top 5 price movers in the Dow 30 this week (T) At&T, Inc. +6.14% followed by (CAT) Caterpillar, Inc. +3.69%, (VZ) Verizon Communications +3.16%, (KO) Coca Cola Co. +3.07%, and (GE) General Electric Co. +2.99%.
The Dow Jones Industrial Average ended the week trading at 12,376.72 +156.13 or +1.28% on lighter than average upside volume of 3.21 billion. The average weekly trading volume for the Dow Jones Industrial Average is 3.71 billion.
At the tech heavy Nasdaq Composite Index there was also a price rise in the indices as it continued to move higher to the upside for the second week after moving lower for the past 2 weeks prior.
The Nasdaq ended the week above its 5, 10, 32, 50 and 200 week moving averages now moving toward a new 52 week price high in the 2,840.51 area. Downside support for the Nasdaq is in the 2,581.20 area with upside resistance in the 2,840.61 area.
The top price movers in the Nasdaq 100 this week were (CEPH) Cephalon, Inc. +31.33%, (ILMN) Illumina, Inc. +8.13%, (CTXS) Citrix Systems, Inc. +7.30%, (PCAR) Paccar, Inc. +7.18%, and (FSLR) First Solar, Inc. +6.61%.
The Nasdaq Composite Index ended the week trading at 2,789.60 +46.54 or +1.70% higher to the upside on lighter than average upside trading volume of 9.10 billion. The average weekly upside trading volume for the tech weighed indices is 9.57 billion.
The Standard and Poors 500 Index also moved higher to the upside as the markets continued to advance. The index has continued to make higher highs and higher lows for 22 of the past 31 weeks since August of 2010.
The S&P 500 was below its 5 week moving average the week prior but is now above all of its major moving averages as it continues to advance higher to the upside. Downside support for the indices is in the 1,231.85 area with upside resistance in the 1,344.20 area.
The top price movers in the S&P 500 this week were (CEPH) Cephalon, Inc. +31.33%, (API) Advanced Photonix, Inc. +18.07%, (NYX) NYSE Eironext, Inc. +14.82%, (NDAQ) Nasdaq OMX Group +11.58%, and (IP) International Paper Co. +9.46%.
The Standard & Poors 500 ended the week trading at 1,332.41 +18.61 or +1.42% on lighter than average trading volume of 14.18 billion. The average weekly trading volume for the S&P 500 is 16.69 billion.
By: Marlin Rolle
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