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Stocks Start The New Year On A Positive Note

By John Patrick Lee | TradingMarkets.com
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TradingMarkets just released a proprietary stock rating method called PowerRatings. This method ranks stocks 1-10 and the higher the rating, the greater the one-week historical gain has been.

PowerRatings were created by Cesar Alvarez, Director of Research for Connors Capital, LLC. Cesar looked back at more than 5.5 million trades between Jan 1, 1995 and Dec 1, 2005. The results are based on the average 5-day performance.

To find out more about PowerRatings click here.


After a slow morning start, major indices in the green driven higher by Fed minutes that reflect a confident, inflation-contained market.

Manufacturing growth slows by largest percentage since July 2002; numbers level off after hurricanes sparked surge in restocking and inventories.

Energy and oil lead sectors; driven by the rise in price of crude oil.

Steve Shobin, Chief Strategist at Americap Advisors said: "I think the early ability to withstand the negative Wal-Mart news and the concern over the gas situation in Russia suggested that the stock market's backbone was strong and looking for a catalyst, and I'm guessing that the reading of the Fed notes became that catalyst."

Stocks On The Move

BASF (PowerRating) Makes US$4.9 Bln Cash Offer To Acquire Engelhard

Wyeth (PowerRating), Trubion Form Alliance To Develop Drugs For Inflammatory Disease, Cancer (full story).

Yellow Roadway (PowerRating) Changes Name To YRC Worldwide Inc; To Trade Under ‘YRCW' Symbol From Jan. 4 (full story).

Dow Jones  (PowerRating) Appoints COO Richard Zannino As Its New CEO, Ups Q4 EPS Outlook (full story).

IMAX  (PowerRating) Signs Deal To Install MPX Theatre System In China's Yunnan Province (full story).

Pilgrim's Pride (PowerRating) Shares Plummet On Cut In Q1 Guidance Due To Lower Than Expected Results And Price Realization (full story).

Walgreen (PowerRating) Posts Record Q1 Earnings; Sales Rise On A Surge In Generic And Prescription Drugs (full story).

For more stories as they happen, go to our Breaking News section.

Dow +129.35 10,846.85
NASDAQ +38.21 2,243.53
S&P 500 +20.30 1,268.59
NYSE NASDAQ
Volume 2,435,634,000 1,999,777,000
Advances 2548 1917
Declines 805 1193
Up Volume 1787 1394
Down Volume 399 403
New Hi's 207 116
New Lo's 61 50

Strongest Sectors

Weakest Sectors

Oil Service (OSX | Quote | Chart | News | PowerRating) Nasdaq Combined Transport (TRANX | Quote | Chart | News | PowerRating)
Oil (XOI | Quote | Chart | News | PowerRating) Morgan Stanley Healthcare (HMO | Quote | Chart | News | PowerRating)
Deutsche Bank Energy (DXE | Quote | Chart | News | PowerRating) CBOE Internet (INX | Quote | Chart | News | PowerRating)

Economic News

Fed Members Differ On How Much Further Rates Should Rise (full story).

Growth In The Manufacturing Sector Slows More Than Expected (full story).

Construction Spending Rises Less Than Expected In November (full story)

John Patrick Lee
johnl@tradingmarkets.com

Get your stocks PowerRatings here.


>> See more articles by John Patrick Lee
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