Markets were incredibly indecisive today. Despite tons of
employment data, Syrian uncertainty and Rash Hashanah kept volume
The Dow Jones Industrial Average gained 6.61 points, or 0.040
percent, to close at 14,937. The S&P 500 added two points, or
0.12 percent, to finish at 1,655. The Nasdaq rose 9.74 points, or
0.27 percent, to end the day at 3,659. The Russell 3000 gained
1.558 points, or 0.16 percent to close at 990.40.Employment Data
Starting with the non routine figures, productivity, rose 2.3
percent quarter over quarter; this is 0.7 percent better than
Wall Street expected. Along with boosted productivity was no
change in labor costs. Essentially, workers were 2.3 percent more
productive for no pay increases, a bullish signal.
Both initial jobless claims and continuing claims came in
better than expected. Initial jobless claims for the week ended
August 31st were 323,000 and continuing claims for the week ended
August 24th were 2.95 million.
ADP also released their job figures, indicating 176,000 jobs
were added to the economy. This is four thousand less than the
) rose 22.98 percent to $35.54 after the company agreed to be
acquired by SKF
for $35.50 per share.
) gained 11.24 percent to $2.77 as the sector as a whole moved up
) gained, 3.55 percent to $10.66 after
Morgan Stanley upgraded the stock
) tumbled 11.71 percent to $60.31 after the company reported
downbeat fiscal second-quarter profit.
Agnico Eagle Mines (NYSE:
) were down 5.78 percent to $28.86, despite the company being
held at a Neutral rating by Zacks. The drop could be attributed
to general weakness in the gold sector on today's session.
Volume and Volatility
Syria, Rosh Hashanah, a four day week and Fed tapering
uncertainty kept incredibly low on the day. Only 59 million
shares of the SPDR S&P 500 index (NYSE:
) traded, compared to the ten day average of 120 million.
The CBOE Volatility Index (VIX) dropped 1.2 percent nearing
the close to 15.69 percent. This comes after a sharp drop
Crude oil moved higher today
and is nearing recent highs. WTI was up 1.04 percent nearing the
equity market close to $108.34 while Brent rose 0.23 percent to
$115.18. Gasoline futures dropped roughly a percent on the day to
Precious metals took a bit of a tumble today with Gold futures
down 1.45 percent nearing the close to $1,369.80. Silver futures
gave up 0.62 percent to fall to $23.27.
In the grain complex, corn, wheat and cocoa were the big
movers, down 1.81 percent, 0.93 percent, and up 2.84 percent,
Stopping two days of losses, the dollar traded up today. At
last check, the PowerShares DB US Dollar Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, was up 0.63 percent to $22.33.
The closely watched EUR/USD pair was down 0.66 percent to
$1.3120. Other big movers on the day include the USD/CHF couple
with rose almost one percent and the USD/BRL, which fell 1.58
Treasury prices dropped on Thursday. The iShares Barclays 20+
Year Treasury ETF (NYSE:
) fell 1.43 percent to $102.54.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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