For the week that passed in the stock market there was a decline in the Dow Jones Industrial Average as the Nasdaq Composite Index as well as the Standard and Poors 500 moved higher to the upside. There was an increase in non-farm payrolls by 227,000 above analyst estimates as the unemployment rate held steady at 8.3%.
The leading sectors that help the market advance this week were S&P Retail +2.21%, Natural Gas +0.93%, Semiconductors +0.59%, N. American Telecom +0.57%, and Utilities +0.51%. As for commodities the price of gold and silver ended the week trading lower as the price of oil ended the week trading higher.
The top percentage gainers in the market this week were (VRS) Verso Paper +92.31%, (TEAR) Tearlab Corp. +68.18%, (BONT) The Bon-Ton Stores +56.50%, (EBTX) Encore Bancshares +36.25% and (AGEN) Agenus, Inc. 36.25%.
The Dow Jones Industrial Average began the week trading at 12,977.34 and declined to a price low in the 12,734.86 area before ending the week trading slightly higher.
Downside support for the index is at 12,765.88 with upside resistance at 13,055.85. The index has been trading higher 13 of the past 22 weeks. The index is currently up 15.01% from its November price low at 11,231.56.
The top percentage gainers in the Dow Jones Industrial average this week were, (WMT) Wal-Mart +2.51%, (HD) Home Depot +2.11%, (VZ) Verizon +1.11%, (T) AT&T +1.02%, and (JPM) JP Morgan Chase +0.98% .
The Dow Jones Industrial Average ended the week on the downside for the second week in a row to end the week trading at 12,922.02 down -55.55 points or -0.43% on lighter than average downside trading volume of 3.42 billion. The average weekly trading volume for the index is 3.79 billion.
The Nasdaq Composite index continued to move higher to the upside for 12 of the past 16 weeks. The index is 11.77 points away from it 52 week price high at 3,000.11.
As for now the index is above its 5, 10, 32, 50 and 200 week moving averages as it continues to move higher to the upside. Downside support for the tech weighed indices is at 2,867.77 with upside resistance at its 52 week price high. 3,000.21.
The top percentage gainers in the Nasdaq 100 index were (SBUX) Starbucks +6.03%, (SHLD) Sears Holdings +5.95%, (ROST) Ross Stores +3.86%, (STX) Seagate Technology +3.85%, and (COST) Costco +3.61%.
The Nasdaq Composite Index ended the week trading at 2,988.34 up +12.15 points or +0.41% on lighter than average upside trading volume of 8.29 billion. The average weekly trading volume for the Nasdaq is 8.64 billion.
As for the Standard and Poors 500 there was a slight increase in its price as it closed to end the week slightly below its 52 week price high. The index began the week trading at 1,369.59 and declined to a price low at 1,340.03 before ending the week trading higher.
The Standard and Poors 500 index is currently above its 5, 10, 20, 32, and 50 week moving averages. Downside support is at 1,340.03 with upside resistance at 1,378.14.
The S&P 500 has been making higher highs and lows for the past 16 trading weeks. The index has been moving higher to the upside for 12 of the past 16 trading weeks and is 7.17 points away from its 52 week price high at 1,378.04.
The top percentage gainers for the Standard and Poors 500this week were (MWW) Monster Worldwide +22.97%, (S) Sprint Nextel +11.21%, (DHI) Horton +11.06%, (LEN) Lennar +10.89%, and (VLO) Valero Energy +9.76%. The S&P 500 ended the week trading at 1,370.87 up 1.24 points or +0.09% on lighter than average upside trading volume of 13.22 billion. The average weekly trading volume for the S&P 500 is 14.17 billion.
By: Marlin Rolle
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