Mid-Day Update: Modest Gains in US Markets, Losses in Europe on Eurozone Uncertainty

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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



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: GLD , NYA , SLV , UNG , USO

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