Stocks are holding slim gains on Monday as Wall Street continues to weigh global economic shocks with the likelihood for the Federal Reserve keeping a decision on higher interest rates on hold for a while longer. Although U.S. equities were largely higher in pre-market trade, matching gains with European stocks after Banco de Portugal threw a lifeline to struggling Banco Espirit Santo, shares have since drifted slightly lower following disappointing earnings from Michael Kors ( KORS ) and Loews Corp ( L ), as well as lingering fears that equity markets are in the midst of a more aggressive correction from record highs.
European equities held onto modest gains at the close as a result of upbeat earnings from the banking sector, as well as expectations for the European Central Bank to maintain its highly accommodative monetary policy bias at Thursday's meeting.
Crude oil was up $0.04 to $97.93 per barrel. Natural gas was up $0.03 to $3.83 per 1 million BTU. Gold was down $5.40 to $1,288.90 per ounce. Silver was down $0.13 to $20.24 per ounce, while copper was up $0.03 to $3.25 per pound.
Among energy ETFs, the United States Oil Fund was up 0.35% to $36.32 while the United States Natural Gas Fund was up 0.88% to $21.11. Among precious-metals funds, the Market Vectors Gold Miners was down 1.08% to 25.90 while the SPDR Gold Shares were down 0.44% to $123.84 and iShares SilverTrust shares were down 0.67% to $19.39.
Here's where the U.S. markets stand at mid-day:
NYSE Composite Index up 12.83 (+0.12%) to 10,704.99
Dow Jones Industrial Average up 6.74 (+0.04%) to 16,500.11
S&P 500 up 3.76 (+0.20%) to 1,928.91
Nasdaq Composite Index up 16.30 (+0.37%) to 4,368.94
Nikkei 225 Index down 0.31%
Hang Seng Index up 0.28%
Shanghai China Composite Index up 1.74%
FTSE 100 Index down 0.02%
CAC 40 up 0.34%
DAX down 0.61%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 0.40%
NYSE Financial Sector Index up 0.15%
NYSE Healthcare Sector Index down 0.01%
(+) PIKE (+48.74%) Court Square Capital, CEO buys co for $12/share.
(+) LGND (+11.67%) Q2 earnings tops estimates, raised FY14 guidance.
(+) SMA (+10.00%) Q2 results beat analyst expectations.
(+) OVRL (+16.50%) Issued above consensus Q4 revenue guidance.
(-) INSM (-24.84%) Sets US development plan for nontuberculous mycobacteria drug.
(-) TNP (-6.41%) Q2 revenues miss, higher expenses take toll.
(-) CBDE (-10.48%) $7 million of the convertible notes issued previously by CBDE have been converted into
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