daytrades dec 23 pre-market, page-2

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http://www.businessspectator.com.au/bs.nsf/Article/US-STOCKS-Futures-flat-after-big-run-up-CDGWQ?OpenDocument&src=hp1

Wall Street lifts for 5th straight day

Reuters

NEW YORK - US stocks rose modestly on strength in financials, putting the S&P 500 on the path for a fifth-straight session of gains as investor optimism kept the year-end rally afloat.

The recent rise in financial stocks has bolstered the market's rally after the sector had lagged during the bulk of the year. Bank of America Corp rose 2.7 per cent to $US13.33 and JPMorgan Chase & Co climbed 2.8 per cent to $US42.14, giving the greatest boost to the Dow industrials.

Money managers, closing their books for the year, took advantage of the underperformance in bank stocks, as well as other categories, such as homebuilders.

Regional banks outpaced their larger counterparts after recent merger activity in the sector boosted hopes for more M&A to come. Hancock Holding Co agreed to buy Whitney Holding Corp on the heels of last week's takeover of Marshall & Ilsley Corp by Bank of Montreal.

"Investors are looking at some areas that might be a little more value-oriented rather than continuing to chase the commodity and consumer discretionary sectors and other areas that have outperformed so dramatically," Alan B. Lancz & Associates Inc president Alan Lancz said in Toledo, Ohio.

Regional shares also benefit from a higher beta, or greater volatility compared to the broader market, Mr Lancz said.

"You get just as much bang for your dollar because they'll definitely be more volatile. That might be (investors') way to play it without going 100 per cent into an S&P weighting in the financial sector," he added.

The KBW regional bank index was up 3.5 per cent and is now up nearly 20 per cent for the month. Whitney Holding surged 28.5 per cent to $US13.97. United Bankshares Inc jumped 4.6 per cent to $US29.82 after KBW raised its price target to $US28 from $US23.

The S&P 500 climbed above 1,255.08, a level last seen in September 2008 before investment bank Lehman collapsed and an important psychological barrier.

Energy shares rose as crude oil futures topped $US90 a barrel. Chevron Corp added 0.8 per cent to $US89.93.

Strong bullishness and the S&P 500 relative strength index are among indicators pointing to an overbought condition, but that may be worked off after traders return from the holidays in January.

Walgreen Co rose after the drugstore chain posted higher profit on increased prescription sales and a slower pace of store openings that helped control costs. Its shares rose 6.2 per cent, the best percentage gain on the S&P 500, to $US39.14.

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