Stocks Edge Higher After Retesting 200 DMA Line

Thursday, June 17, 2010
Stock Market Commentary:

The major averages ended slightly higher as investors digested a slew of economic data and BP’s (BP) CEO spent the day testifying on Capital Hill. Volume totals were reported lower on both major exchanges, which signaled that large institutions were not aggressively selling stocks. Advancers were about even with decliners on the NYSE and on the Nasdaq exchange as the major averages continued consolidating Tuesday’s large move. There were 22 high-ranked companies from the Leaders List that made a new 52-week high and appeared on the BreakOuts Page, lower than the 35 issues that appeared on the prior session.  New 52-week highs outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.

Investors Digest A Slew of Economic Data: Jobless Claims, CPI, & Leading Indicators:

Before Thursday’s opening bell, the Labor Department said US jobless claims rose to 472,000 last week and the consumer price index slid which helped allay inflation woes. After the bell, the Federal Reserve Bank of Philadelphia’s general economic index fell to a 10-month low of 8, less than half the median estimate of Wall Street economists. The Conference Board’s index of leading indicators in April edged down -0.1%, following a +1.3% increase in the prior month.

Stock Market Action- Confirmed Rally:

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