June 15, 2009 (FinancialWire) (By Genevieve Hawkins) — Wall Street rose modestly last week, as a strong showing by Texas Instruments (NYSE: TXN) led technology shares up, and the continued search for direction could lead to more small gains in the coming few days.

Last week mixed economic reports led to a 0.4% gain on the Dow, a 0.7% rise on the S&P 500 and a 0.5% increase on the Nasdaq. For the coming week reports about housing starts and the Consumer Price Index will likely fight for investor attention with news from BRIC nations and multiple options expirations.

Federal Reserve chairman Ben Bernanke is expected to speak about the state of the economy on Wednesday, and concern about rising borrowing costs could sink the markets. Oil has continued on its upward trajectory and is now above $70 a barrel, pinching consumers at the pump and reminding them not to be too reliant on low gas prices. The current boom in commodities may last for a few more weeks but the growing stockpiles in China and elsewhere do not support a continued run past the 4th of July.

Is the economy getting better, or continuing to slide downhill? Most reports have pointed to stabilization at the current lower levels for a period of time, leading to an L shaped non-recovery. For the current week the mixed signals will likely lead to modest trading in a tight range. A strong move isn’t expected in either direction.

The Investrend Economics Calendar lists NY Empire State Manufacturing Index for June (8:30 a.m.), Treasury International Capital Flows for April (9 a.m.), Treasury auctions 3&6-month bills (1 p.m.).

The Investrend Events Calendar showcases HLIT Analyst Conference Call; IACI Shareholders Meeting.

The Investrend Money Index is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ 50 Most Actives indicate the direction in which the mass of money is flowing. Last session’s trading showed 23 advancers versus 26 decliners and one unchanged. Advancers were led by Savient Pharmaceuticals Inc (NASDAQ: SVNT) up 56.16%, E*Trade Financial Corporation (NASDAQ: ETFC) up 18.67%, Sequenom, Inc. (NASDAQ: SQNM) up 8.71%, Palm, Inc. (NASDAQ: PALM) up 8.56%. Decliners followed Capstone Turbine Corporation (NASDAQ: CPST) down 9.09%, Cell Therapeutics, Inc. (NASDAQ: CTIC) down 7.14%, Ual Corporation (NASDAQ: UAUA) down 7.04%, Level 3 Communications, Inc. (NASDAQ: LVLT) down 6.67%, Evergreen Solar, Inc. (NASDAQ: ESLR) down 6.09%, United States Steel (NYSE: X) down 6.00%.

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Quote of the Day: “You campaign in poetry. You govern in prose.” Mario Cuomo

Today is: Native American Citizenship Day.

Happy Birthday: Edvard Grieg, W.V. Awdry, Lash La Rue, Mario Cuomo, Waylon Jennings, Harry Nilsson, Jim Varney, James Belushi, Helen Hunt, Courteney Cox, Ice Cube, Andy Pettitte, Neil Patrick Harris.

Today in History: Assyrians recorded a solar eclipse in 763 BC that will be used to fix the chronology of Mesopotamian history. The first human blood transfusion was administered by Dr. Jean-Baptiste Denys in 1667 when he transfused 12 ounces of sheep blood to a 15-year-old boy who later died, causing Baptiste to be accused of murder. Benjamin Franklin proved in 1752 that lightning is electricity. Arkansas was admitted as the 25th U.S. state in 1836. Charles Goodyear received a patent in 1844 for vulcanization, a process to strengthen rubber. Arlington National Cemetery was established in 1864. Tabulating Computing Recording Corporation (IBM) was incorporated in 1911. U.S. President Woodrow Wilson signed a bill in 1916 incorporating the Boy Scouts of America.

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