Market wrap: US stocks edged higher after a night of mixed economic data offered hope for both bulls and bears. Steady results from major retailers saw the major US stock indexes squeeze out gains of 0.5% (Dow) - 1.5% (Nasdaq). But worse-than-expected jobless claims and wholesale-level inflation figures provided more uncertainty about the near-term outlook for equities.
The S&P Banking Index gained 4% and REITs 3.5%.
Oil rallied after yesterday's pullback, adding 60c or 1% to $58.50 after touching $59. A sell-down in base metals reversed late in the session, with key metals squeezing out gains after a week of declines. Gold continues to tread water, recently trading unchanged at $926.
The modest bounce on European and US markets doesn't look very convincing and local futures traders aren't really buying it. The SPI closed just 12 points ahead at 3748 - not much after yesterday's shellacking.
This pullback has brought a few stocks back near support levels and that's where I like to buy. I'll try to post a few candidates later this morning.
