标准普尔各指数介绍英文版

S&P SMALLCAP 600
The SmallCap 600 did well in September, posting a 2.20% gain with all ten sectors up, although information technology just squeaked by, up 0.11%. Telecommunications was the leader, with a 10.11% September gain -- the best sector gain of the three major indices. Small-cap telecommunications also exhibited the best sector return (again, for the major indices) this quarter, with a 16.20% gain. Cincinnati Bell (CBB), which accounts for over 30% of the sector, was the major contributor, gaining 21.5% in September, 53.2% in the quarter and 88.1% YTD. The S&P SmallCap 600 was the most volatile of the three major U.S. indices in September, with 19.2% of the issues moving at least 10% -- 97 up at least 10% and 18 down at least 10%. Adding to the high gains were styrenic block copolymers maker Kraton Performance Polymers (KRA; up 21.7%), seismic instruments maker OYO Geospace (OYOG; up 33.6%), and temporary laboratory services issue On Assignment (ASGN; up 20.6%). Leading the way down was pharmaceutical development issue Questcor Pharmaceuticals (QCOR), which was off 57.5% for the month, and plastic models maker 3D Systems (DDD), which declined 24.8%. Volatility within the index is expected to continue, as earnings news differentiates the issues. The key variable is issues’ ability to continue riding out the uncertain times, quantified as their forward guidance.
MARKET ATTRIBUTES U.S. EQUITIES
September 2012
Returns: September 30, 2012
S&P 500: 2.58% S&P MidCap 400: 1.94% S&P SmallCap 600: 2.33% S&P Global BMI: Emerging: Developed: 3.06% -5.65% 2.74%
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THE MARKET
Wall Street declared victory, as the S&P 500 closed September with a 2.42% gain, at 1440.67. The market not only held on to its year-to-date (YTD) gains against profit-taking and quarterly window dressing, but also added to the gains. The fourth consecutive monthly gain (and the seventh monthly gain this year) pushed the third quarter to a 5.76% gain, resulting in a 14.56% YTD gain. There were even jokes about closing the quarter out completely and going on vacation for the rest of the year. However, the Street stayed in the market (hopefully it was the right decision), and while there were challenges in Europe – particularly in Spain -- and Q3 2012 earnings estimates were 2.0% below the record Q2 2012 results, the dip was mild. Traders are now looking forward to earnings season, which starts after the close of Tuesday (October 9). Alcoa will open the official season, and is expected to post another sharp decline. Third-quarter estimates declined over the month, which should permit the historical two-thirds beat rate to prevail again, as the third-quarter earnings surpassed the new lower expectations. Market action in October will be event-driven, or more likely, expectation-driven as the U.S. presidential race and European issues continue to unfold.
All above returns are total returns except those of the S&P Global BMI Index and its emerging and developed sub-indices.
S&P Dow Jones Indices' Market Attributes Series provides market commentary hBiblioteka Baidughlighting developments across various asset classes.
U.S. Equity Indices Contributor: Howard Silverblatt Senior Industry Analyst howard_silverblatt@spdji.com
S&P 500
September was busy, even as trading remained very low -- 24.4% lower than September 2011 and 19.7% lower than the five-year average. For the month, 343 S&P 500 issues were up (averaging +4.63%), with 30 of them posting at least a 10% gain; 155 issues were down (averaging -3.07%), with three of them off at least 10%. All ten sectors gained, as telecommunications led the group with a 3.85% gain. Verizon (VZ) outperformed, adding 6.1% for the month and countering a subpar 2.9% gain from AT&T (T). The sector now appears to be ripe for consolidation, with smaller issues such as Sprint (S; up 13.8% for the month) and MetroPCS Communications (PCS; up 20.3%) being favored by investors. Utilities added 0.89%, the least of all the sectors. However, natural gas issues within the group did better, as prices increased 12.1% for the month; ONEOK (OKE) added 8.49%, Nisource (NI) gained 4.68% and Edison International (EIX) added 4.34%. Notable issues included technical school DeVry (DV), which rebounded 17.9%, but remained off 40.8% as educational costs (and government financing) weighed on its customer base. Home builders continued their recovery, with PulteGroup (PHM) up 13.3% in September, and up 145.6% YTD (the best of any S&P 500 issue), Lennar up 7.2% in September (up 77.0% YTD), and D.R. Horton (DHI) up 8.7% in September (63.7% YTD). On the down side, circuit board maker Jabil Circuit (JBL) lost 17.8%, wiping out its yearly gain (now off 4.8% YTD), as it missed on earnings. Competitor LSI (LSI) fell 11.3% in September, but is still up 16.1% YTD. Driving index returns, due to their large market caps, were Exxon Mobil (XOM) with a 4.7% gain, Google (GOOG) with a 10.1% increase (bringing the stock to a new high) and General Electric (GE), up 9.7%.
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MARKET ATTRIBUTES | U.S. EQUITIES
S&P MIDCAP 400
S&P MidCap 400 sector returns were lower than those of the S&P 500 and S&P SmallCap 600, but at 1.80% they were still respectable. The index also trailed the other indices over the last three months with a gain of 5.03% and a YTD return of 12.50% -- again, all respectable. Information technology was the only down sector, off 0.39%, as electronics distributor Avnet (AVT) fell 9.7% and semiconductor systems maker Skyworks Solutions (SWKS) lost 22.6%. Health care issues outperformed with a 5.16% gain, well ahead of the large-cap sector’s 3.81% increase and the small-cap sector’s 1.31% gain, as acute care hospital chain Universal Health Services (UHS) added 14.5% and health care products maker Cooper Companies (COO) gained 12.6%. Notably, office supply store Office Depot (ODP) rebounded 67.3% in September, bringing its YTD gain to 19.1%; the problem is that it is still 52.6% below its 2010 close. Forward 2013 P/Es remained relatively low (14.6), with information technology still on the higher end (25.5).