It's another feeding frenzy on Wall Street today, with money
flowing out of equities and into bonds and other interest-rate
sensitive markets as traders take advantage of growing currency
instability in Turkey, Argentina and Thailand. U.S. stock indices
are falling again as instability spreads in several developing
economies as a result of central bankers in the U.S. and the UK
beginning to ratchet up interest rates. Industrials were especially
hard hit, with Dow components Boeing (
), Caterpillar (
) and General Electric (
) offsetting significant gains for Microsoft (
) and Proctor and Gamble (
) following better than expected earnings in their December
Yesterday's huge losses in the U.S. spilled into the overnight
session leaving Asian and European equities all sharply lower at
the close. Besides growing concerns over emerging nations, overseas
markets are also still spooked by yesterday's unexpected drop in
the Chinese PMI. The index fell below the 50.0 threshold between
expansion and contraction, indicating a possible slowing in the
world's second largest economy. Spain's IBEX underperformed all the
other EU indices, falling nearly 4% today, due to its exposure to
Argentina and its currency woes.
Crude oil was down $0.64 to $96.69 per barrel. Natural gas was
up $0.25 to $4.83 per 1 million BTU. Gold was down $0.70 to
$1,261.80 an ounce, while silver was up $0.02 to $20.03 an ounce.
Copper was down $0.01 to $3.27 per pound.
Among energy ETFs, the United States Oil Fund was down 0.56% to
$34.53 with the United States Natural Gas Fund was up 4.40% to
$23.81. Among precious-metal funds, the Market Vectors Gold Miners
ETF was down 2.61% to 23.15 while SPDR Gold Shares were down 0.10%
to $121.67. The iShares Silver Trust was down 0.77% to $19.12.
Here's where the markets stand at mid-day:
NYSE Composite Index down 165.38 (-1.61%) to 10,104.01
Dow Jones Industrial Average down 190.12 (-1.17%) to
S&P 500 down 22.32 (-1.22%) to 1,806.14
NASDAQ Composite down 59.79 (-1.42%) to 4,159.08
Nikkei 225 down 1.94%
Hang Seng Index down 1.25%
Shanghai China Composite Index up 0.60%
FTSE 100 down 1.62%
CAC 40 down 2.79%
DAX down 2.48%
NYSE SECTOR INDICES
NYSE Energy Sector Index down 1.62%
NYSE Financial Sector Index down 1.77%
NYSE Healthcare Sector Index down 1.63%
(+) BSDI (+37.1%) Drug-maker and partner and Endo
Pharmaceuticals (ENDP) report positive top-line results from Phase
III efficacy study of its BEMA buprenorphine drug candidate to
treat moderate to severe chronic pain.
(+) UPI (+21.4%) Reports a 14% jump in fiscal Q3 sales;
forecasts even stronger revenue growth for the current quarter.
(+) OTEX, OTC.TO (+11.64%) Canadian software firm reports fiscal
Q2 adjusted earnings of $1.58 per share, topping the Capital IQ
consensus by $0.08.
(-) ATOS(-21.1%) Priced offering of 5.8 million units at $2.40
apiece, generating around $14 million in gross proceeds.
(-) KSU (-14.3%) Reports Q4 EPS of $1.03, missing the analyst
consensus by $0.07 per share.
(-) IGT (-12.75%) Q1 reported earnings of $0.25 per share trail
analyst estimates by $0.05.
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