Tech, Semiconductors Lead Tuesday's Session

The Federal Reserve's Federal Open Market Committee, the body that sets interest rates, released the minutes of its last meeting, showing a deep concern about a prolonged economic slowdown. That revelation, though, boosted the possibility in investors' minds that a new presidential administration would propose a stimulus plan, and one that could top $775 billion.

There was another round of poor economic data. The National Association of Realtors announced its Pending Home Sales index fell 4% in November. The Commerce Department said factory orders slowed 4.6% during that same month.

Stocks did receive a boost from an unlikely source: technology. The prospect of a stimulus plan sparking consumer spending, analyst upgrades and announcements from the Macworld conference helped propel this sector higher Tuesday. Computer and printer maker Hewlett-Packard (HPQ), networking firm Ciena (CIEN) and semiconductor company Nvidia (NVDA) saw their shares rise during the session.

The lift in technology stocks, coupled with the prospect of a big stimulus plan, helped boost the Dow Jones Industrial Average during Tuesday's session. The benchmark was up over 100 points at times, but finished 62 higher points at 9015. Oil was relatively unchanged on the day and closed at $48 per barrel.

Tuesday was all about what side of the technology trade investors were on. The Direxion Technology Bear 3X ETF (TYP) lost 8.5%.

However, investors who went long the tech sector did all right. The ProShares Ultra Semiconductors ETF (USD) increased 10.7%.

Earnings & Conference Calls
Accuity Brand, Finish Line, Landec, Neogen, Premier Exhibitions, Resources Global Professionals, Team Inc.

Economic Data
7:00 a.m. M.B.A. Mortgage Application Survey
8:15 a.m. Jan. ADP Employment Survey
10:30 a.m. U.S. Energy Dept. Oil Inventories
10:30 a.m. A.P.I. Oil Industry Report

A look at how the industry's most popular ETFs did on Tuesday.