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Late Equity Roundup, Strong Finish, SPX Through 200-DMA

US STOCKS

Stock indexes finishing the week at the highest levels in a month: SPX emini through second key resistance of 4446.2 (200-dma) to 4457.5 +55.25 (1.26%). Meanwhile, Dow trades -274.17 (0.8%) at 34754.93, and Nasdaq +279.1 (2%) at 13893.84.

  • Carry-over bid from China indexes on hopes of a rate cut, trading desks also cited various factors for support: triple witching expiration buying/squaring, and technical support as SPX eminis trade through first resistance 50D EMA of 4410.0 and second resistance 200-dma opens next key resistance of February highs of 4476.50.
  • SPX leading/lagging sectors: Information Technology rebounds (+2.19%) with Semiconductor sector (+2.90%) outpacing Software/Service (+2.01%) outpacing Hardware makers (+1.96%); Consumer Discretionary (+2.18) driven by Auto makers. Laggers: Utilities (-0.90%) and Energy (+0.09%).
  • Dow Industrials Leaders/Laggers: Salesforce.com (CRM) +8.09 at 218.5 and NIKE (NKE) +3.79 at 131.22. Laggers: Travelers (TRV) insurance pares earlier losses to -0.88 at 180.19; United Health (UNH) paring losses -1.30 at 505.87.

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