Stocks are cautiously higher for the second straight day,
underpinned by strong auto sales from GM (
) and Ford (
) as well as upbeat earnings today from discount retailer Dollar
). But the mood remains somewhat restrained by the on-going
speculation over if or when the U.S. will conduct military action
In addition, the Federal Reserve releases its latest Beige Book
assessment of national economic conditions at 2:00 p.m. ET, with
traders sure to parse its language for hints of when the central
bank will begin reducing its asset purchases.
In economic news, the trade deficit in July widened to $39.1
billion from an upwardly revised deficit of $34.5 billion the month
prior, both of which will likely contribute to a downward revision
to Q3 GDP. Car sales from GM (
), Ford (
) and Toyota (
) were all better than expected, especially for Ford which will
boost production by 7% to meet growing demand.
In Europe, indices across the continent were all pressured by
the developments in the Middle East as investors nervously keep an
eye on the U.S. for direction. Even as EU economic data continued
to point to a broad recovery among member states, the three major
indices all ended the day narrowly higher.
Crude oil was down $1.12 to $107.42 per barrel. Natural gas was
down $0.01 to $3.75 per 1 million BTU. Gold was down $22.00 to
$1,389.70 an ounce, while silver was down $0.93 to $23.51 an ounce.
Copper was down $0.06 to $3.24 per pound.
Among energy ETFs, the United States Oil Fund was down 0.85% to
$38.43 with the United States Natural Gas Fund was down 0.16% to
$19.22. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was down 1.25% to 28.03 while SPDR Gold Shares were down
1.51% to $134.35. The iShares Silver Trust was down 3.00% to
Here's where the U.S. markets stood at mid-day:
NYSE Composite Index up 67.18 (+0.72%) to 9,400.67
Dow Jones Industrial Average up 115.69 (+0.78%) to 14,949.65
S&P 500 up 14.81 (+0.90%) to 1,654.58
Nasdaq Composite Index up 36.20 (+1.00%) to 3,648.81
Nikkei 225 Index up 0.54%
Hang Seng Index down 0.31%
Shanghai China Composite up 0.21%
FTSE 100 Index up 0.10%
CAC 40 up 0.16%
DAX up 0.19%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 0.61%
NYSE Financial Sector Index up 1.10%
NYSE Healthcare Sector Index up 0.65%
(+) ETFC (+8.6%) Subsidiary, E*TRADE Bank, has received
regulatory approval to distribute capital to the company's
(+) DG (+4.8%) The discount retailer reported 15% profit gain on
strong consumable sales.
(+) CIEN (+11.1%) Ciena Corp reported Q3 earnings above
analysts' expectations and forecasted a strong Q4.
(-) RYAAY (-9.8%) Full year profit is expected to be at the
lower end of target range and full-year traffic was reduced from
81.5 million to under 81 million.
(-) LNKD (-2.4%) LinkedIn announced Tuesday that it has
registered a public offering of $1.0 billion in shares of its Class
A common stock.
(-) FRAN (-25.4%) Q2 results missed estimates; retailer cut
guidance for 2013.
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