Markets in the US posted modest gains on Friday, erasing some of
the losses from earlier in the week. President Obama spoke about
the economy, urging Congress to help the weaker sectors of the US
economy by reconsidering his jobs plan. He also warned that if
Greece left the euro zone, it would cause more troubled for the
economy, and urged European leaders to work on strengthening the
banking sector.
The weakness in foreign economies has resulted in some strength
in the US dollar, but it is a double-edged sword. As the dollar
becomes stronger, exports, which have been a strength in US
recovery, have fallen back, dipping 0.8% in April after rising 2.5%
in March according to an international trade report released
earlier today. Imports also fell, shrinking 1.7% after jumping 5.2%
in March. There is some good news in trade, in that the trade
balance in April shrank to a deficit of $50.1 billion from a
deficit of $52.6 billion in March. The mean consensus was a deficit
of $49.3 billion.
The Dow Jones Industrial Average is up 16.53 (+0.13%) at
12,477.49.
The S&P 500 is up 1.26 (+0.10%) at 1,316.27.
The NASDAQ Composite is up 10.21 (+0.36%) at 2,841.18.
In Europe, the markets were somewhat depressed. The FTSE 100
index is down 11.89 (-0.22%) to 5,435.38. The DAX is down 0.27%
(-16.45) to 6,127.46 and the CAC 40 is at 3,052.61, down 0.60%
(-18.55). The DOW Global is at 1754.26, down 9.89 (-0.56%).
Crude oil prices are at $83.18 a barrel. Natural gas is up 2.3
cents to $2.297 per 1 million BTU. Gold is down to $1,587 an ounce,
while silver is down to $28.39 an ounce. Copper is down to $3.29 a
pound.
Among energy ETFs, the United States Oil Fund (
USO
) is down 1.5% to $31.20 while the United States Natural Gas (
UNG
) fund is up 0.7% to $15.92. Among precious-metal funds, the Market
Vectors Gold Miners ETF (GMI) is up 0.2% to $46.25 and has hit a
new year high $46.48 while SPDR Gold Shares (
GLD
) are down 0.49% to $153.75 but are above a day low $153.02. The
iShares Silver Trust (
SLV
) is down 0.8% to $27.57.
Here's where the markets stand at mid-day:
(
NYA
) NYSE Composite Index down 0.25% (-18.96) to 7,500.36
(.DJI) Dow Jones Industrial Index up 0.18% (+22.85) to
12,483.81
(.INX) S&P 500 up 0.14% (+1.88) to 1,316.80
(.IXIC) Nasdaq Composite Index up 0.40% (+11.14) to 2,842.14
GLOBAL SENTIMENT
(N225) Nikkei 225 down 2.09% (-180.46) to 8,459.26
(HSI) Hang Seng Index down 0.94% (-175.95) to 18,502.34
(000001.SS) Shanghai China Composite Index down 0.51% (-11.68)
to 2,281.45
(FTSE) FTSE 100 is down 0.24% (-13.26) to 5,434.85
NYSE SECTOR INDICES
(NYE) NYSE Energy Sector Index down 1.1% (-125.67) to
11,290.11
(NYK) NYSE Financial Sector Index down 0.39% (-16.40) to
4,239.20
(NYP) NYSE Healthcare Sector Index up 0.39% (+27.52) to
7,106.97
UPSIDE MOVERS
OCC (+40%, hits near year highs) Set New Q2 Sales Record
CTFO (+17.3%, hits new year highs) Signed an agreement to merge
with TransCloud Company Limited
CORT (+6.9%) Credit Suisse Initiates Coverage with Outperform,
Sets PT of $6
DOWNSIDE MOVERS
PCX (-11.9%) Traders appear to be selling off shares following a
report by competitor Alpha Natural Resources (ANR) that it would be
reducing its production levels due to unfavorable industry
conditions
THO (-5.0%) Reported Q3 earnings of $0.78 per share yesterday,
versus the Capital IQ consensus of $0.79