Stock Market News for June 18, 2010

Stocks started the day on a down note but pared losses towards the end to close with slim gains as a rally in commodity and consumer related stocks helped offset some dour economic reports.  The euro’s rise to three-week highs also caught market participants’ attention as they wondered if it was the beginning of a full-fledged recovery.   

The blue-chip Dow Jones industrial average added 25 points to close up 0.2% at 10,434.  Seventeen of the thirty components closed with gains, with Alcoa (NYSE:AA - Analyst Report), up 2%, Travelers (NYSE:TRV - Analyst Report) up 1.7% and General Electric (NYSE:GE - Analyst Report), up 1%, leading the advance.  The tech-laden NASDAQ composite index, helped by strength in its technology components, added 0.1% at 2307; the broader S&P500 index inched up 0.1% at 1116, helped by the rally in safe-haven utility and consumer staple shares.  On the New York Stock Exchange, losers beat winners by a narrow margin on volume of 1.16 billion shares.

Among the ten S&P 500 industry sectors, six recorded gains on the day, led by utilities (+0.7%), consumer goods (+0.4%), technology (+0.4%), health care (+0.1%), oil and gas (+0.1%), and industrials (+0.03%). Leading on the downside were basic materials (-0.5%), consumer services (-0.3%), financials (-0.2%), and telecommunications (-0.1%).

Safe-haven investments such as US Treasuries moved higher, with the 10-year up 20/32, as its yield dropped to 3.192%.  Gold prices jumped to an all-time high of $1,247.50, up $18.20, or 1.5%.  Crude prices fell 84 cents to $76.83 per barrel on the New York Mercantile Exchange.  Shares in Newmont Mining (NYSE:NEM - Analyst Report) jumped 2.3%, nearing a 52-week high; Barrick Gold (NYSE:ABX - Analyst Report) shares climbed 3.8%.  Reports that an auction of 10- and 30-year Spanish government bonds met with strong demand also helped boost sentiments.  Spain raised nearly $4.3 billion through the bond offerings.

Read the full analyst report on AA

Read the full analyst report on TRV

Read the full analyst report on GE

Read the full analyst report on NEM

Read the full analyst report on ABX