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12:00 ET Dow +35, Nasdaq +12, S&P +10.44: [BRIEFING.COM] Mid-day Summary:
Despite a weaker than expected Consumer Confidence report, the market has
traded higher since its release. The index fell 14.4% to 97.6 vs consensus
of 105, marking the biggest decline since the record plunge seen during the
Gulf War in October 1990. The expectations component of the index fell 15.5%
to 79.2. Apparently, the market was pricing in an even worse number. It was
also not a surprise given the recent plunge in the UMich Index. It's
difficult to read to much into the report this morning as many of the
responses were prior to the terrorist attacks. We'll get a better read on
concumer confidence in the next UMich report in a couple of weeks....Leading
the market higher today are financials, tech, homebuilders, airlines. A
couple of huge retailers were upgraded: Wal-Mart (WMT 48.91 +1.63) and Sears
(S 35.12 +1.14)....Oil stocks are weak today despite an increase in crude
oil prices. CSFB's downgrade of Exxon Mobil (XOM 35.72 -0.13) is not
helping. Also hurting are groups affaected by higher oil prices including
chemicals and rail. Autos are weak on some bearish analyst comments on the
group....It's important that this afternoon's session is a strong one in
order to be sure the recent strength in the market is due to new buyers
rather than a short covering rally. NYSE Adv/Dec 1847/1134... Nasdaq Adv/Dec
1839/1503.
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