Midday Market Check - The Dow Jones Industrial Average Rallies Back to Flat

We head into the second half of the session with the Dow Jones Industrial Average (DJIA) jumping off its lows of the day. At its worst levels, the average was down 85 points. The recent surge in buying has the Dow within 20 points of breakeven. The S&P 500 (SPX), Nasdaq Composite (COMP), and Russell 2000 (RUT) are also more or less flat.

Today's strongest groups are the Amex Gold Bugs Index (HUI) and Dow Jones Transport Index (.TRAN). The Semiconductor HOLDRS (SMH), AMEX Pharmaceutical Index (DRG), and Regional Bank HOLDRS (RKH) are the weakest areas.

I ended yesterday's session noting that the Nasdaq Composite and S&P 500 were still perched on their early October lows. Those indexes have so remained above yesterday's lows, and therefore support. Of course, the current buzz about all about Warren Buffett and the acquisition of Burlington Northern Santa Fe Corp (BNI). From my perspective, I happen to agree with this post about the stock split being the more interesting aspect.

Chart Courtesy of Thomson Reuters

Click here for symbol descriptions

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