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Morningstar Indexes: Weekly Market Report

Week ending March 9: Stocks make up ground after major slide.

Morningstar Indexes, 03/12/2007

After experiencing a major slide the week before, markets made up some ground last week. The Morningstar US Market Index rose 1.15% for the week ending March 9. Positive economic news in the form of a falling unemployment rate and a resilient U.S. dollar encouraged investors to return to equities.

All nine Morningstar style indexes finished in positive territory. Growth indexes did much better than their value and core peers, led by the Morningstar Mid Growth Index's 1.7% appreciation. The Morningstar Large Core Index finished last with a 0.7% gain.

MEMC Electronic Materials WFR, a supplier of key components to electronic chip manufacturers, featured prominently in the Morningstar Mid Growth Index's strong run. The stock gained 10.4% as confidence returned to some cyclical corners of the market. Precision Castparts PCP benefited from a similar trend as that specialty-component maker's stock rose 6.8% due to signs of strength in the aerospace market.

Poor retail sales numbers for February dragged retail stocks down. Gap GPS and Costco Wholesale COST dropped 3% and 2.5%, respectively, contributing to the Morningstar Large Core Index's subdued performance. Subprime mortgage lenders continue to be the market's weakest spot, however. New Century Financial NEW., the latest subprime lender to come under pressure from its creditors, crashed 78% last week.

For a more in-depth look into market performance, view the PDF report U.S. Market Overview. Data for all Morningstar Indexes are available here.


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