Wednesday, February 29, 2012

Market Recap - WishList Stocks, Strong Economic Numbers

The market closed the session lower after comments from Fed Chairman Ben Bernanke were viewed by investors as hawkish. Suggesting another round of stimulus is not in the future. Stocks, gold, and nearly ever asset class were hurt by the remarks.

Top Stocks

Healthcare Services Group ($HCSG) - Pulling back from all-time high to support at the $18-$19 area. Pays a 3.2% dividend. Company provides housekeeping and dietary services to hospitals, nursing homes, etc.

Novellus Systems ($NVLS) - Maker of equipment that is used in the semiconductor industry. Pulling back to support after hitting a multi-year high. Support at $44.

Genomic Health ($GHDX) - Provides medical services and testing for the genomic industry. Consolidating after hitting an all-time high. Stock is aggressive, but in a high growth potential sector.

Strong Economic Numbers

The final GDP for the fourth quarter came in better than expected and showed growth of 3% for the country. This was higher than the 2.8% that was preliminarily reported. Also better than expected was the ISM-Chicago Manufacturing data which came in at a 10-month high of 64. The numbers back up the bullish tone that has been on Wall Street since the beginning of the year and helped stocks to early gains.

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