Small caps close up; JNY, HNSN and SEH lead gainers
The Russell 2000 (NYSE:IWM) closed up 6.28, or 1.34%, at 476.77, and is now down 38% for 2008. The Dow is off 36% for the year, while the S&P 500 is down 41%. Today's small-cap percentage gainers are Jones Apparel Group (NYSE:JNY), Hansen Medical (Nasdaq:HNSN) and Spartech Corporation (NYSE:SEH).
Other Market Watch highlights included:
- Volume was extremely light Friday as many market participants took advantage of Thursday’s Christmas holiday to carve out a four-day weekend.
- Metals and mining firms, gold stocks, aluminum, and oil and gas drillers were among the best performers.
- The U.S. dollar was down against the euro, but this was more a push for commodity markets than simply a value play based on forex movement.
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The Commodity Research Bureau Index was up about 1.3% on the day, with energy, grains and metals leading the way.
- Gold prices were up 2.7% to a weekly high, and grain markets took flight amid concerns about dry crop conditions in South America.
- From a charting standpoint, this week’s tight range action simply fits with the ongoing sideways consolidation.
- Jones Apparel Group, Inc. completes $600 million amended and restated bank credit facility; shares pop 38%. See (NYSE:JNY).
- Hansen Medical Inc. rallied 14% as the medical products specialist tried to recover after slipping to move lows on Wednesday – well after the general market bottomed back in mid-November. See (Nasdaq:HNSN).
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Spartech Corporation up 8% after declaring a quarterly cash dividend last week. See (NYSE:SEH).
- Telefonica De Argentina did not join in on the South American rally, sinking nearly 15% on extremely light volume. See (NYSE:TAR).
- Destination Maternity continues to struggle, slipping 12% to fresh 52-week lows today. See (Nasdaq:DEST).
- Frozen Food Express Industries Inc. was off 9.7%, but the move took place on very light volume. See (Nasdaq:FFEX).
