Stocks Managed Gains On Anniversary of the March 2009 Low. Dow Leaders: UTX, GE, T, VZ, and MMM

Published on Tuesday, 09 March 2010 17:44 Written by Christopher Lynn

New York, March 9^th (TradersHuddle.com) – Stocks managed to post a modest gain at the end of a choppy session on the anniversary of the bear market bottom, where the market touched the lowest levels since the beginning of the credit crisis. Investors mulled over the latest corporate and profit news.

The Dow Jones Industrial Average gained 11.86 points or 0.11%. The S&P 500 index added 1.94 points or 0.17%, while the NASDAQ climbed 8.47 points or 0.36%. Market breadth was positive. On the NYSE advancers outpaced losers by a rate of 9 to 7, while on the NASDAQ winners topped decliners by a rate of 5 to 4.

The market opened on the weak side, and quickly moved to positive territory on speculation that the economy recover is gathering strength. But gains fizzled at the end of the session, with the broad market index posting a slight gain and the tech heavy NASDAQ climbing to a new 18-month high. 

Telecom again posted one of the biggest gains among the 24 S&P 500 industry groups. And Financials made a comeback, with Citigroup (NYSE:C) gaining more than 7% leading the pack, amid speculation that the government was planning to restrict short sales on the companies it's bailed out and currently owns stock in.

17 of 30 Dow components posted gains, with United Technologies (NYSE:UTX) leading the gains in the blue chip index as shares jumped 1.44% to $71.78. The maker of Carrier air-conditioning systems and Otis elevators disclosed it cut its CEO compensation by 19% last year as the executive’s bonus was limited by the constraints of a substantially reduced bonus pool.

General Electric (NYSE:GE), the industrial conglomerate maker of aircraft engines and energy efficient locomotives, posted the second best gain in the Dow Jones Industrial Average, as shares climbed 1.35% to $16.4. The stock benefited of strength in the sector, amid global economic optimism and from an announcement that GE Capital will take over Navistar (NYSE:NAV) retail lending.

AT&T (NYSE:T), the 2^nd largest wireless carrier in the U.S. and Verizon Communications (NYSE:VZ), the owner of the largest wireless carrier in the U.S., with more subscribers, posted the third and fourth best gains respectively in the blue chip index. The telecom sector continued its strength as news that Cisco will be introducing a new router that can handle 12 times the internet of the fastest router currently on the market, sparking speculation that it will mean higher fees for the telecoms. Verizon gained 0.94% to $29.91, and AT&T added 1.11% to $25.56.

The fifth best Dow component was 3M Co. (NYSE:MMM), the maker of everything from Post-It Notes to Respirators, climbed 0.844% to $81.99. The stock moved higher as it joined General Electric and United Technologies on their move higher as the sector showed strength.