Russell closes up for the week; CVG, HRBN and TNK lead gainers

The Russell 2000 (NYSE:IWM) edged slightly higher in a relatively tame post-holiday session, climbing into positive ground just minutes before the close, with support from financial, manufacturing and construction stocks countered by a weak tone in energy and technology shares. Today's small-cap gainers are Convergys Corp. (NYSE:CVG), Harbin Electric (NYSE:HRBN) and Teekay Tankers (NYSE:TNK).

Today's Market Watch highlights included:

• For 2008, the Russell 2000 is now down 38%. Meanwhile, the Dow is down 33% and the S&P 500 is off 39% for 2008.
• Retailer stocks were struggling on an important day that signals the kick-off for holiday shopping.
• Goldman Sachs: “Despite the dismal near-term news, we feel a bit better about the broader outlook than at this time last week."
• Crude oil prices took a hit today, with futures down 5% and the price of crude slipping back below $52 a barrel. 
  
• Tech shares persistently trailed major indices today and the tech-laden Nasdaq 100 dipped 0.6%.
• The U.S. dollar had a sizable rally against the euro, climbing some 1.5%, as investors around the world continue to clamor for U.S. assets.

Small Cap Gainers:

• Convergys Corporation up 34% after unveiling Voice Portal 6 earlier this week. See (NYSE:CVG).
• Harbin Electric rallied 27%, climbing above the 20-day moving average on a closing basis for the first time since Aug. See (NYSE:HRBN).
  
• Teekay Tankers announces on Monday a Q3 dividend of $1.07 per share, the stock is trading over 24% higher today. See (NYSE:TNK).

Small Cap Losers:

• Callon Petroleum Co. collapsed 65% today amid analyst downgrades. See (NYSE:CPE).
• The trend of giving back a small portion of Wednesday’s gains was a prominent theme and included iPCS Inc., as the Sprint affiliate tumbled 14%. See (Nasdaq:ICPS). 
  
• ATP Oil & Gas Corporation slipped 11%, seeing a modest correction off a huge rally Wednesday. See (Nasdaq:ATPG).  

---