Barchart Stock Market Wrap – March 13, 2009
Friday, March 13, 2009
by Barchart Analyst of Barchart.com
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Barchart Stock Market Wrap – March 13, 2009 Sparked by a general realization that the financial crisis may be easing, stocks closed modestly higher today, capping the fourth straight positive day in the market. The financial sector was particularly strong this week, after positive announcements earlier in the week by Citigroup (C) and Bank of America (BAC) . The leadership of financials was particular important to sustaining this week’s rally. The Dow Jones Industrials closed up 54 points to close at 7,224 for a gain of 0.8% today. The S&P 500 Index was also higher, closing up 6 points for a gain of 0.8%.
 April Comex gold futures move $5.6 higher to close at $929.6 in a featureless session 
The spot April crude oil futures fell $1.17 per barrel to close at $45.86 after the International Energy Agency (IEA) lowered their forecast of global crude oil demand for 2009 based on deteriorating economic conditions. Bulls in crude now pin their hopes on this weekend’s meeting of OPEC in Vienna where most market observers expect a token production cut.
 The June Dollar Index fell another 35 points as money rotates out of the dollar as safe haven demand ebbs with the stronger stock market. 
Reports Due Monday: 9:15 am – Federal Reserve Industrial Production for February (versus -1.8% in January). Market Momentum: There were 1,934 advancing issues on the NYSE, with 1,149 declining issues. On the NASDAQ, there were 1,506 advancing issues with 1,222 declining.
New 52-week Highs: There were 14 issues reaching 52-week highs between the NYSE and NASDAQ
New 52-week Lows: There were 31 new 52-week lows on the NYSE and NASDAQ.
Recent articles from this author
- Barchart Chart of the Day - September 16, 2009 - Wednesday, September 16, 2009
- Barchart Stock Market Wrap – March 13, 2009 - Friday, March 13, 2009
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- Barchart Stock Market Wrap – March 12, 2009 - Thursday, March 12, 2009
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About the author
The Barchart Analyst has over 35-years experience in the futures and stock markets, and is a former member of the Chicago Board of Trade. He has participated in an advisory role for many large corporations and has spent 19 years developing and back testing sophisticated trading systems for top Wall Street brokers and commodity trading firms. The Barchart Analyst uses many of Barchart.com's free tools, such as Signals, Top Stocks by Sector, and Opinions, to scour the market for stocks on the verge of a major move. His commentary alerts readers to major market trends and provides promising trading ideas. Comments may be forwarded to The Barchart Analyst via editor@insidefutures.com. With a heritage dating back to 1934, Barchart.com, Inc. has substantial experience in meeting the informational needs of the financial industry. A full-service provider of futures and equities financial market data from all major exchanges, Barchart also provides comprehensive historical market data and research, custom web content, complex real-time charting applications, an extensive array of market tools and analytics, retail, and educational products.
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