|
|
|
|
|
|
|
Of the 30 stocks in the Dow Jones Industrial Average, 22 closed lower last Thursday while 88 closed higher. American Express led the Dow lower last Thursday with a 2-9/16 point loss. Although 1998 was a banner year for credit card companies, American Express is also saddled with weaker travel-related businesses. CardWeb reported that consumers spent $83 bln during the 1998 holiday season compared to $74.5 bln in 1997. Dupont was the second biggest decliner among Dow stocks (2-3/8) as analysts note that the conglomerate is still in the process of spinning off Conoco. Conoco was purchased in 1981 and Dupont has now divested itself of 30% with the remainder expected to be jettisoned during 1999. The return derived from the Conoco sale has been negatively impacted by oil prices at 12-year lows. |
|
|
|
|
|
|
|
|
On last Thursday's all-time high of 2200.63, the NASDAQ Composite index extended its 2-3/4 month rally from the 1-2/3 year low of 1357.09 (Oct 8) to a total of 843.54 points (62.2%). On last Wednesday's all-time high of 1244.93, the S&P 500 index extended its rally from its 1-year low of 923.32 (Oct 8) to a total of 321.61 points (34.8%). On its all-time high of 9380.20 (Nov 24), the Dow Industrial extended its upmove from its 1-year low of 7400.30 (Sep 1) to a total of 1,979.90 points (26.8%). On last Thursday's 4-1/2 month high of 421.98 the Russell 2000 was up 118.11 points (38.9%) from its 2-2/3 year low of 303.87 (Oct 8). Also on last Thursday's high, the index retraced 63% of its 8-month, 188.41 point (38.3%) downmove from the all-time high of 492.28 (Apr 22). |
|
|
|
|
|
|
|
|
CommoditiesCRB closes higher as energy sector advancesThe CRB index last Thursday closed +.51 points at 191.22 and held above the 21-year low at 187.89 posted on Dec 21st. Support exists at the 23-year low at 184.70 which was posted in 1977. Resistance exists at the Nov 30th 1-month high of 197.73. The CRB index dropped 2.1% in the month of December and 16.5% in 1998. The severe downmove in the CRB during 1998 was the largest on an annual basis since the 17.4% correction in 1981 which had followed the all-time high level posted during 1980 at 337.60. |
|
|
|
|
|