Despite weak economic data, markets rallied this afternoon
pushing the major indexes (except the Dow) positive for the
The Dow Jones Industrial Average fell a gained 46.62 points,
or 0.31 percent, to 15,010.36.
The S&P 500 gained around 6.51 points, or 0.39 percent, to
The Nasdaq lost 19.08 points, or 0.52 percent, to 3657.79.
New Home Sales
Although existing home sales beat analyst estimates, new home
sales fell far short of what economists were looking for. Only
394,000 new homes were sold versus the consensus of 497,000.
European consumer confidence both rose for August and beat
analyst estimates. Despite the increase, Europeans are still very
pessimistic about the state of their spending.
Friday was a big day for gold as it broke through the $1,400
level and made an eleven week high. Nearing the equity market
close gold was sitting at $1,398.76, up 1.42 percent for the day.
Gold and silver futures also surged higher today, up 2.01 percent
and 4.42 percent, respectively.
Oil moved higher
today with Brent at $110.99 and WTI at $106.37. Big moves up in
oil at the end of the week can be attributed to violence in
Egypt, chemical weapons in Syria, and rockets fired into Israel
Agricultural commodity futures saw a bit of a boost today.
Corn, wheat, and soybeans all advanced with oats slightly
Bonds Treasury prices rose strongly on the day. The iShares
Barclays 20+ Year Treasury Bond ETF (NYSE:
) climbed 1.07 percent to $104.27.
Yields were as follows on Friday afternoon: The 2-Year Note
was yielding 0.38 percent. The 5-Year Note was yielding 1.63
percent. The 10-Year Note and 30-Year Bond were yielding 2.82
percent and 3.79 percent at last check.
The U.S. Dollar was mostly unchanged for the day. Heading into
the equity market close, the PowerShares DB US Dollar Index
Bullish ETF (NYSE:
), which tracks the performance of the United States Dollar
versus a basket of foreign currencies, was down 0.2 percent to
The closely watched EUR/USD was last trading up 0.20 percent
to $1.3383. Other big moves include the USD/BRL group was down
3.14 percent to $2.3588. The USd and Indian Rupee group fell
almost two percent heading into the close to 63.3525.
Volatility and Volume
The VIX fell just 3.73 percent to 14.21 with little movement
late in the day.
Once again, volume was light on the day. Roughly 65 million
shares of the SPDR S&P 500 ETF (NYSE:
) traded hands today versus the three month average of
) shot up 4.71 percent to $3.56 after
Baidu stated its plans to buy 59 percent
interest in Renren's Nuomi for $160 million in cash.
) got a boost up 7.35 percent to $34.77 after the company
reported that its
CEO Steve Ballmer
will retire within the next 12 months.
) was also up, gaining 7.69 percent to $38.91 after the company
beat on the bottom line but showed weak guidance.
The company was upgraded
, which may be fueling shares further.
) was down 20.22 percent to $8.76 after the company posted a loss
in the second quarter and issued a weak view for the third
quarter. Analysts at Bank of America downgraded the stock from
Buy to Underperform.
Pandora Media (NYSE:
) shares tumbled 12.9 percent to $18.91 after the company
reported issued downbeat earnings forecast for the third quarter.
Stifel Nicolaus downgraded
the stock from Buy to Hold.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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