Sector-wise, we saw notable strength in energy, housing, and industrials, while financials, tech, and retail lagged.
Small caps were also sluggish, with the Russell 2000 (INDEXRUSSELL:RUT) up just 0.1%.
In all, the market seems to be repeating the pattern seen throughout 2013 -- temporary dips below the 50-day moving average on the S&P, at which point fears rapidly escalate before the market resumes its climb up the wall of worry.
Economic and earnings numbers remain mixed at best, but the lack of an outright disaster keeps the bears at bay, even with the Fed backing off QE.
The January Import Price Index fell 1.5%, a smaller decline than the 1.8% expected by Wall Street.
January Industrial Production fell 0.3%, which was well under expectations for a 0.2% gain. Capacity Utilization was slightly weak at 78.5%.
On the positive side, the February University of Michigan Consumer Sentiment Index was unchanged at 81.2, beating the 80.2 consensus.
In earnings news, Campbell Soup (NYSE:CPB) rose 5.0% to $43.01 after reporting fiscal second-quarter earnings and revenues and full-year guidance that were above Wall Street forecasts.
Hyatt Hotel (NYSE:H) was another earnings winner, staging a 7.0% rally to hit $52.85 at the close on a significant earnings beat.
On the downside, VF Corp (NYSE:VFC) took a 5.1% hit after its fourth-quarter results disappointed across the board. Earnings, revenues, and full-year guidance were below Street estimates.
In other stock news, Time Warner Cable (NYSE:TWC) rose 0.8% to $146.00 as sentiment toward its pending acquisition by Comcast (NASDAQ:CMCSA) improved. Upon the agreement announcement Thursday morning, investors were skeptical of the deal's chances of being approved by regulators, but those fears are abating.
Tuesday's Financial Outlook
On Monday, the market will be closed in observance of Presidents' Day.
We'll pick up things on Tuesday with earnings reports from Coca-Cola (NYSE:KO), Duke Energy (NYSE:DUK), and Medtronic (NYSE:MDT). In earnings, we'll be seeing the Empire Manufacturing Index, Long-Term TIC Flows, and NAHB Housing Market Index numbers.
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.