The Aft Deck's  Instablog

US stocks retreated on Wednesday in this near term consolidation.

The DJIA shed 26 pts, or 0.29%, to close at 9,070.72, the S&P 500 lost 4.47 pts, or 0.46% to close at 975.15, and the NAS closed minus 7.75 pts, or 0.39% at 1,967.76.

The three major US stock indexes gained 11% in the past two weeks as better than expected corporate earnings gave a second wind to a rally that drove the S&P 500 up 40% from a 12 yr closing low hit on March 9, 2009

For the second straight session health care stocks traded with strength while the broader market fell in range-bound trade.

Health care stocks outperformed the broader market for the entire session. They primarily benefited fromstrength in health care distributors (+4.9%), which followed better-than-expected earnings and an increased outlook from McKesson (MCK 52.01, +4.18).

Crude Oil futures fell US$3.88, or 5.8%, to settle at US$63.35 bbl after US government data showed a surprisingly large increase in crude inventories last week. The S&P Energy index dropped 2.1%.

Volume and Breadth: Trade was light on the NYSE, where about 1.25B/shrs changed hands, less than last year’s estimated daily average of 1.49B/shrs, and the NAS, about 2.11B/shr shares traded, less than last year’s daily average of 2.28B/shrs. Decliners outnumbered advancers on the NYSE by a ratio of about 3 to 2, and on the NAS, eight stocks fell for every five that rose.

Stocks to Watch TodayRe-cap of the US Stock Market Action for 29 July 2009 + Stock Talk

US stocks retreated on Wednesday in this near term consolidation.

The DJIA shed 26 pts, or 0.29%, to close at 9,070.72, the S&P 500 lost 4.47 pts, or 0.46% to close at 975.15, and the NAS closed minus 7.75 pts, or 0.39% at 1,967.76.

The three major US stock indexes gained 11% in the past two weeks as better than expected corporate earnings gave a second wind to a rally that drove the S&P 500 up 40% from a 12 yr closing low hit on March 9, 2009

For the second straight session health care stocks traded with strength while the broader market fell in range-bound trade.

Health care stocks outperformed the broader market for the entire session. They primarily benefited fromstrength in health care distributors (+4.9%), which followed better-than-expected earnings and an increased outlook from McKesson (MCK 52.01, +4.18).

Crude Oil futures fell US$3.88, or 5.8%, to settle at US$63.35 bbl after US government data showed a surprisingly large increase in crude inventories last week. The S&P Energy index dropped 2.1%.

Volume and Breadth: Trade was light on the NYSE, where about 1.25B/shrs changed hands, less than last year’s estimated daily average of 1.49B/shrs, and the NAS, about 2.11B/shr shares traded, less than last year’s daily average of 2.28B/shrs. Decliners outnumbered advancers on the NYSE by a ratio of about 3 to 2, and on the NAS, eight stocks fell for every five that rose.

Stocks to Watch Today

The Walt Disney Company (DIS), Eastman Kodak Co (EK), First Solar, Inc. (FSLR), MasterCard (MA), MetLife, Inc. (MET), and Royal Dutch Shell (RDS-A).

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