Stocks declined Thursday for a second straight day following
below-consensus economic data, including weaker than expected
household spending. Consumer stocks and utilities led the markets
lower, although energy stocks continued to outperform as crude
pushed past $106 per barrel amid ongoing conflict in Iraq.
The Commerce Department this morning said retail sales increased
0.3% during May, the fourth consecutive month of gains but trailing
an upwardly revised 0.5% gain (from the 0.1% rise initially
reported) in April and lagging the market consensus looking for a
Excluding autos, spending rose 0.1% last month compared with
expectations for a 0.4% gain.
Also today, the Labor Department said reported 317,000
first-time unemployment claims for the week ended June 7, slightly
above the 315,000 market consensus. Continuing claims rose to 2.614
million from 2.603 million in the prior report.
Export prices, excluding agriculture, climbed 0.1% in May
following a 1.2% drop during the prior month. Excluding oil, import
prices were unchanged for the second month in a row.
Crude oil for July delivery surged $2.13 to settle at $106.53
per barrel while July natural gas added 3 cents to $4.76 per 1
million BTU. August gold rose $13 to $1,274.10 per ounce with July
silver adding 36 cents, settling at $19.53 per ounce. July copper
slipped 2 cents to $3.02 per pound.
Here's where the U.S. Markets stood at end-of-day:
Dow Jones Industrials Average down 110.79 (-0.66%) to
S&P 500 down 14.95 (-0.77%) to 1,928.94
Nasdaq Composite index down 40.77 (-0.94%) to 4,291.16
Hang Seng Index down 0.35%
Shanghai China Composite Index down 0.16%
FTSE 100 Index up 0.06%
(+) RH, Q1 adjusted EPS of $0.18 beats by $0.07 per share.
Revenue rises 21.6% to $366.3 mln, topping estimates by $19.45 mln.
Raises FY15 EPS outlook, topping Street by at least $0.03. Also
boosts revenue projection above consensus.
(+) LIVE, Reports 244% increase in website visits during the
first week of a 35-city advertising campaign promoting over 10,000
meal specials at restaurants compared with the same seven-day
period last month.
(+) MSLI, Announces $22.1 mln bought-deal financing with
underwriters purchasing 13 mln shares at $1.70 apiece, a 4.3%
premium over Wednesday's closing price. Proceeds will be used for
future acquisitions and general working capital.
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