Barchart Stock Market Wrap – March 11, 2009

Stocks barely continued Tuesday’s big rally today on a very light news day.

Financials, yesterday’s strongest sector, continued to lead today’s market as battered investors look for any sign of a bottom in the financial sector. Most of today’s strength eroded by late in the session as investors were leery of carrying long positions into tomorrow’s Retail Sales report, which is expected to show a drop from January.

The Dow Jones Industrials closed up 4 points to close at 6,930 for a gain of 0.1% today. The S&P 500 Index was also higher, closing up 2 points for a gain of 0.2%.

 April Comex gold futures gained $10 today to close back over $900 at $905.90.

The spot April crude oil futures fell almost $3.00 today to close at $42.80 on news that crude oil stocks grew to 351.3 million barrels from 350.6 million last week.

The June Dollar Index fell 129 points on a belief that the financial crisis may be easing and thus reducing the need for safe haven buying.

Reports Due Tomorrow:

8:30 am – Initial Claims for Unemployment for week ended 3/7 (Compared to 639,000 in the previous week).

8:30 am – Department of Commerce Retail Sales for February (expected at -0.4% versus +1.0% in January).

Market Momentum: There were 1,741 advancing issues on the NYSE, with 1,368 declining issues. On the NASDAQ, there were 1,359 advancing issues with 1,454 declining.

New 52-week Highs: There were 8 issues reaching 52-week highs between the NYSE and NASDAQ

New 52-week Lows: There were 126 new 52-week lows on the NYSE and NASDAQ.