http://finance.yahoo.com/?uDow 11,799.54 +72.20 (0.62%)
Nasdaq 2,269.35 +25.70 (1.15%)
S&P 500 1,342.67 +8.56 (0.64%)
10-yr Bond 4.5800% -0.0360
30-yr Bond 4.7260% -0.0270 NYSE Volume 1,731,968,000
Nasdaq Volume 1,264,367,000
1:30 pm : Stocks are pulling back somewhat, but not nearly enough to make a big change in the standings and not on account of what Bernanke is reciting in seven pages of prepared testimony as investors await the Q&A session. Oil recently spiking to the upside and now up 0.8% at $59.15 a barrel, however, is removing some of the enthusiasm behind today's follow-through buying efforts. Crude oil futures have been hovering near the unchanged mark for the past hour, paring some of its losses around noon following reports of an explosion at a Texas refinery. Now, reports that the Nigerian militant group Mend said it will strike oil installations in the Niger delta today has renewed supply concerns and boosted the commodity to session highs.DJ30 +45.38 NASDAQ +20.40 SP500 +6.11 NASDAQ Dec/Adv/Vol 1026/1900/1.18 bln NYSE Dec/Adv/Vol 1126/2063/966 mln
1:00 pm : Little changed since the last update as the market remains in a holding pattern as Fed Chairman Bernanke begins his speech to the Economic Club of Washington. Given the optimistic view of Fed policy already priced into the stock market, investors will be paying close attention for any commentary about the interest rate outlook. DJ30 +50.27 NASDAQ +22.87 SP500 +6.32 NASDAQ Dec/Adv/Vol 988/1909/1.08 bln NYSE Dec/Adv/Vol 1108/2051/876 mln
12:30 pm : Indices are off their best levels as the afternoon session gets underway, but the Dow continues to trade at all-time highs. One Dow component, however, taking some steam out of the blue-chip index's efforts to advance even further into unchartered territory has been General Motors (GM 33.52 -0.89). GM was up as much as 1.8% earlier after it was upgraded at Bear Stearns, but reports that talks about the possible Nissan-Renault alliance being terminated have pushed GM shares into the red and at one point had the stock down as much as 3.7%. DJ30 +50.12 NASDAQ +21.78 SP500 +5.89 NASDAQ Dec/Adv/Vol 988/1883/970 mln NYSE Dec/Adv/Vol 110/2036/788 mln
12:00 pm : After several days of trying to find enough momentum among blue chips to close the Dow at a new record high, another pullback in oil prices and more evidence the Fed is done raising rates are helping the bulls extend yesterday's gains.
While Wal-Mart (WMT 48.85 -0.51) saying recent September sales were not as strong as originally reported initially cast even more doubt about the health of the consumer and underpinned a sense of caution at the onset of trading that left investors questioning the sustainability of the Q3 stock rally, a reversal in oil prices has since helped to quell such consumption concerns.
Crude oil futures have slipped back below $59 a barrel after the Energy Dept. showed that a larger than expected build in crude oil supplies last week leaves inventories well above the upper end of the average range for this time of year. Since oil's decline also reduces the appeal of gold as an inflation hedge, the market is again seeing a rotation out of Energy and Materials and into areas like Financials, which is also benefiting from an economic data-inspired rally in bonds that has pushed the yield on the 10-year note (+11/32) down to 4.56%.
At 10:00 ET, the Institute of Supply Management said its services index fell to 52.9 in September, down from 57.0 in August. Even though the report typically doesn't get a whole lot of attention, and the smaller than expected read of 52.9 -- the lowest since April 2003, will raise concerns that the economy is slowing too much, further validation that economic growth is decelerating, along with easing inflationary pressures as reflected in the report's price index plunging to 56.7% from 72.4% a month earlier, has provided further confidence that policy makers will stand pat when they next meet on October 24 and 25.
Since concerns that the Fed would go too far with its tightening efforts initially undermined the earnings prospects for growth-oriented sectors like Technology, the latter is taking full advantage of the optimism among bond traders that the Fed will again leave rates unchanged, offering bargain hunters another opportunity to pick up beaten-down tech names at attractive valuations. DJ30 +55.39 DJTA +1.0% DOT +1.5% NASDAQ +24.22 NQ100 +1.2% R2K +0.9% SOX +0.8% SP400 +0.6% SP500 +7.10 XOI -0.2% NASDAQ Dec/Adv/Vol 956/1863/844 mln NYSE Dec/Adv/Vol 1087/2012/656 mln
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