After a week that saw the major market indices climbing to
record highs, stocks today are taking a breather with the Dow
Industrials, S&P 500 and Nasdaq Composite all mired in
razor-thin ranges. Following the Federal Reserve decision earlier
this week to leave its bond purchases unchanged at $85 billion per
month, investors are keeping a close eye on comments today from Fed
District Presidents Esther George, Narayana Kocherlakota and Daniel
Tarullo as well as St. Louis Fed President James Bullard, who
already made news this morning telling Bloomberg News the central
bank still could choose to taper at its next meeting in late
October meeting if the economic data justifies.
Today's only economic data was the Atlanta Fed's Business
Inflation Expectations index which showed that business owners are
expecting unit prices to increase 1.9% - down slightly from the
2.0% advance they were expecting in the August survey.
In Europe, financial markets were equally stagnant with equities
closing the day with small losses before Sunday's Federal election
in Germany which decides the fate of Chancellor Angela Merkel,
easily viewed as the most important ruler in Europe.
Crude oil was down $0.70 to $105.69 per barrel. Natural gas was
down $0.04 to $3.76 per 1 million BTU. Gold was down $31.40 to
$1,337.60 an ounce, while silver was down $1.27 to $22.03 an ounce.
Copper was down $0.02 to $3.32 per pound.
Among energy ETFs, the United States Oil Fund (
) was down 0.59% to $37.86 with the United States Natural Gas Fund
) was down 0.57% to $19.35 Amongst precious-metal funds, the Market
Vectors Gold Miners ETF (NAR: XX:GMI) was down 3.60% to 26.42 while
SPDR Gold Shares (
) were down 1.88% to $129.27. The iShares Silver Trust (
) was down 4.43% to $21.22.
Here's where the markets stand at mid-day:
NYSE Composite Index down 50.91 (-0.52%) to 9,803.85
Dow Jones Industrial Average down 70.51 (-0.45%) to
S&P 500 down 6.63 (-0.38%) to 1,715.71
Nasdaq Composite Index down 4.22 (-0.11%) to 3,785.16
Nikkei 225 Index down 0.16%
Hang Seng Index up 1.67%
Shanghai China Composite Index up 0.29%
FTSE 100 Index down 0.44%
CAC 40 down 0.06%
DAX down 0.21%
NYSE SECTOR INDICES
NYSE Energy Sector Index down 0.31%
NYSE Financial Sector Index down 0.58%
NYSE Healthcare Sector Index up 0.19%
(+) SSTK (+8.9%) Shutterstock priced a follow-on offering of 4.6
million shares of its common stock at $60.00 per share
(+) JKS (+13.5%) JinkoSolar priced a follow-on public offering
of 3.8 million ADS - each representing four shares of JKS common
stock - at $16.25 per ADS.
(+) AAPL (+0.5%) The latest iPhone models go on sale this
morning with consumers lining up in droves in front of Apple's
(-) RNA (-69.1%) Phase III clinical study of drisapersen for the
treatment of Duchenne Muscular Dystrophy didn't meet the primary
(-) WHX (-8.3%) Galbraith Global Investment Management sent a
letter to the board of Whiting Petroleum (
) "strongly" urging directors to divest their holding in the trust
as Whiting is viewed as grossly overvalued.
(-) DRI (-5.9%) Reported that fiscal Q1 earnings fell 38% to
$0.53 from $0.85 the year earlier, also missing the $0.71 average
Capital IQ analyst estimate.
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