Market Close for Tuesday, December 21, 2010

After the close…

We have RHT down -1.6% and NKE also down -4.4% following earnings reports.

The stock market advanced for the tenth time in 11 sessions and set another new two-year high as financials provided leadership.

After the close notable stocks reporting earnings include NKE, RHT, CTAS, FINL, FSII, HOV, PRGS, NCTY and TIBX.

Futures were mixed after hours: S&P 500 futures are +0.52 from fair value of 1249.48 and Nasdaq100 futures -1.22 points from fair value of 2232.97.

Seven of ten sectors were in positive territory, led by financials (+1.6%), materials (+1.0%) and energy (+0.9%).

Tomorrow before the open there are two economic reports scheduled to be released: 1) MBA Mortgage Applications (Consensus NA) and 2) GDP — Third Estimate (Consensus 2.7%) and GDP Deflator — Third Estimate (Consensus 2.3%).

Also tomorrow before the open, notable stocks expected to report earnings include AM, LNN, NAV, and WAG.

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