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4:23 PM, Jun 24, 2009 --

  • NYSE up 36.23 (0.6%) to 5,795.72.
  • DJIA down 23.05 (0.3%) to 8,300.
  • S&P 500 up 5.84 (0.7%) to 900.94.
  • Nasdaq up 27.4 (1.6%) to 1,792.


GLOBAL SENTIMENT

  • Hang Seng up 2.02%
  • Nikkei up 0.43%
  • FTSE up 1.18%


DOWNSIDE MOVERS


(-) MON tops with EPS, cutting jobs.

UPSIDE MOVERS

(+) JBL offered mixed guidance.

(+) MTXX confirms recall of Zicam products.

(+) MDT seeing continued reaction to WSJ report company subpoenaed over alleged false study data.

(+) ORCL continues evening gain that followed earnings, guidance beat.

(+) PPHM gets new patent.

(+) AKNS inks contract for solar installation on California base.

(+) CTIC completes Pixantrone NDA submission.

(+) MGM sees continued upside reaction to Tuesday news that it's removing going concern qualification.

MARKET DIRECTION

Major stock averages end mixed and in the bottom of the day's range, surrendering the day's early gains after getting pretty much what was expected out of the Federal Reserve today.

The Federal Open Market Committee issued a relatively upbeat assessment of the economy, saying that the downturn is slowing and deflation is no longer a big threat. The Fed, as expected, left short-term lending rates untouched at near zero and left alone its Treasury purchases plan.

Bernanke and company noted rising energy and commodity prices, but said inflation was likely to "remain subdued for some time."

Interest-rate futures markets are still pricing in a Fed hike later in the year, a position unchanged even after the panel's statement today that rates will remain low for some time.

Stocks were higher out of the gate as a better-than-expected increase in durable goods orders buoyed investors but housing data muted that early enthusiasm.

The Commerce Department reported that new-home sales fell 0.6% to a seasonally adjusted annual rate of 342,000 units in May compared with a downwardly revised 344,000 units in April. The consensus estimate called for an increase in new homes sales to 360,000. Despite the miss, homebuilder stocks rallied initially with the rest of the market.

The Commerce Department laid the groundwork for the rally earlier after reporting this morning that demand for durable goods rose 1.8% last month, far better than the 0.6% decline that economists expected. It also matched the rise in April, with both months posting the best performance since December 2007, when the recession began.

Software-maker Oracle (NYSE:ORCL) provided lift for tech stocks after results announced post-bell yesterday exceeded analysts' average forecast.

Crude futures gained initially on the Fed statement before ending slightly lower. August crude fell $0.57 to $68.67 a barrel. Earlier, the contract had risen to an intraday high of $69.86 a barrel.

Gasoline inventories rose by 3.9 million barrels last week, the Energy Information Administration (NYSEMKT:EIA) said compared with a buildup of 1 million barrels expected by analysts surveyed by Platts. The EIA also reported a 2.1-million-barrel gain in distillate inventories. Crude inventories, however, fell 3.8 million barrels, a bigger-than-expected decline.

Source: Closing Update for June 24