trading was even crazier than usual
as the Nasdaq shut down in the middle of the day. For more than
three hours there was no trading on the exchange no explanation
as to what is going on.
The Dow Jones Industrial Average rose 66.12 points, or 0.44
percent, to 14,963.67.
The S&P 500 gained around 14 points, or 0.86 percent, to
The Nasdaq climbed 38.92 points, or 1.08 percent, to
Initial jobless claims came in worse than economists were
looking for at 336,000 versus 330,000. This is this also 16,000
higher than the previous week. Continuing claims were also worse
than expected at three million while the analyst consensus was
Following yesterday's FOMC minutes, which left the market
confused, several members of the Federal Reserve spoke today, but
not Bernanke. The most notable comments came from Fisher, who
indicated September is the right time for tapering. Markets
didn't seem to care much as they continued upward.
Fossil fuels moved up today with
WTI crude breaking through the $105 level
near the close. Brent saw less of a move, up 0.1 percent to
$109.92 and natural gas climbed more than two percent to
Similarly to fuel, precious metals ticked up a little bit
today with COMEX gold and silver futures at $1,373 and $23.11
nearing the close. Platinum spot rose 1.63 percent to
Agricultural commodities lost value today with corn down 3.88
percent, wheat down 1.35 percent, and live cattle futures down
half a percent heading into the equity market close.
Treasury prices rose on the day. The iShares Barclays 20+ Year
Treasury Bond ETF (NYSE:
) climbed 0.78 percent to $102.95 nearing the close.
Yields were as follows on Thursday afternoon: The 2-Year Note
was yielding 0.39 percent. The 5-Year Note was yielding 1.69
percent. The 10-Year Note and 30-Year Bond were yielding 2.9
percent and 3.88 percent at last check.
The U.S. Dollar gained a little value in Thursday's crazyness.
Late in the day, the PowerShares DB US Dollar Index Bullish ETF
), which tracks the performance of the greenback versus a basket
of foreign currencies, was up 0.23 percent to $22.03.
EUR/USD was mostly unchanged
, down 0.03 percent to $1.3351. Other movers included the USD/JPY
pair that moved up 1.07 percent to 131.85. After the peso lost so
much value yesterday, it recovered some of its gains.
Volatility and Volume
The VIX plunged on the session despite losses for the Dow and
Nasdaq. Late in the afternoon, the VIX was down around 7.84
percent to 14.69.
Volume was light on the day. Around 85 million SPDR S&P
500 ETF (NYSE:
) shares traded hands compared to the three month daily average
of 129 million.
) moved up 9.05 percent to $51.93 after the company reported
strong Q2 results and raised its FY14 forecast.
) got a boost to $7.88 for a 15.86 percent gain after the company
announced its plans to spin off its semiconductor business.
The Hain Celestial Group (NASDAQ:
) was also up, gaining 10.96 percent to $80.89 on upbeat Q4
) climbed 6.25 percent to $157.10 after the Nasdaq reopened.
Abercrombie & Fitch Co (NYSE:
down 17.67 percent to $38.53 after
the company reported weak fiscal second-quarter profit and issued
a downbeat forecast for the third quarter.
Hewlett-Packard Company (NYSE:
tumbled 12.45 percent
to $22.22 on FQ3 results.
Sears Holdings (NASDAQ:
) was down, after the company posted a wider fiscal
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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