News 05/09/07

Moving the Market

• Aug. ISM fell to 52.9 but still reflects moderate manufacturing growth; prices paid component fell to 63.0% from 65.0%
• Tech: Piper Jaffray raised price target on Apple to $211 citing strong iPhones & Macs; Yahoo! named top pick at Bear Stearns
• Merrill Lynch cuts estimates on several large-cap banks citing more than 60% probability of recession

13:30 ET

Stocks Get Technical

Dow +59.83 at 13417.57, Nasdaq +32.32 at 2628.68, S&P +13.45 at 1487.44

[BRIEFING.COM] A renewed wave of buying interest within the last 30 minutes lifts the indices to fresh session highs. The ability by the Dow, S&P 500, and Nasdaq to break through key resistance levels of 13395, 1484, and 2625, respectively, is exacerbating the market's move to new highs.

The fact that so many areas of weakness this year are rallying today on few catalysts to justify their solid gains provides further evidence that today's follow-through momentum is also attributed to more short covering. Investment Banks (+2.0%), which ranks as the fifth worst performer this year (-14.5%) is among today's biggest winners.

Taken from briefing.com