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Late Equity Roundup, Near Late Highs

US STOCKS
Looking strong in late trade, SPX eminis holding above key (round number) resistance of 4500.0 at 4505.25 (+52.75, 1.18%), with focus on next resistance of 4578.50 High Feb 9; Dow trades +261.8 (0.76%) at 34822.42, Nasdaq +269.3 (1.9%) at 14108.45.
  • Combination of factors buoyed stocks: broad based share buy backs ("Alibaba boosted its share buyback program to $25 billion from $15 billion" WSJ), renewed support from China to support economy and markets, and peripherally, weaker crude: WTI off midday lows at $111.76 (loosely tied to lack of unified EU ban on Russia oil imports).
  • SPX leading/lagging sectors: Consumer Discretionary (2.66%) driven by surge in autos +7.18%; Communication sector (+2.25%) with media and entertainment (+2.58%) leading. Financials sector (1.75% moved past Information Technology (1.60%) in the second half, Banks outperforming diversified financials and insurance names.
  • Laggers: As noted, lack of follow-through in crude weighing on Energy sector (-0.62%), petroleum drillers, manufacturers, pipelines trading lower but off lows.
  • Dow Industrials Leaders/Laggers: Boeing (BA) holding near highs at 190.80 after Mon's sell-off on China 737 crash. Cloud-based software company Salesforce.Com (CRM) stronger but off highs (+4.38 at 218.14), Microsoft (MSFT) a close second (+4.47 at 303.64).
  • Laggers: United Health -1.50 at 506.16 and Caterpillar -0.93 at 222.78.

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