Stocks were climbing back into positive territory Friday in very
thin volume after better-than-expected data on consumer sentiment
and regional manufacturing helped erase early losses resulting from
downbeat consumer spending data and a heightened terror threat in
London. The S&P 500 inched back over 2,000 while the Nasdaq
Composite Index touched another 14-year high thanks to gains by
) and Apple (
). The Dow Jones Industrial Average, however, is lagging the
broader market with losses for component companies Wal-Mart (
) and McDonalds (
Opening gains were compromised following an unexpected 0.1% drop
in consumer spending during July, missing estimates for a 0.2%
increase. Personal income also missed estimates, rising just 0.2%
compared with the 0.3% consensus. The negative tone also was
amplified by British officials today raising their terror threat
level to severe - its second highest level - in response to recent
events in Iraq and Syria.
But a series of more market-friendly data rekindled
bargain-hunting, starting with the Reuters/University of Michigan
index of consumer sentiment rising to seven-year high this month
with a 82.5 reading, up from a preliminary 79.2 reading earlier
this month and a 80.1 final score in July, Wall Street was
expecting a smaller rise to 80.5.
Also, the Chicago Purchasing Managers Index today jumped to a
64.3 reading, led by gains in production and new orders and beating
the consensus estimate for a gain to 56.4 from last month's 52.6
In Europe, the financial markets were mixed with EU-zone
equities pressured by as-expected inflation data seen as reducing
the need for additional stimulus measures by the European Central
Bank. The FTSE-100 outperformed thanks to strong UK housing market
data, but gave back some of its early gains in the wake of rising
Crude oil was up $0.56 to $95.11 per barrel. Natural gas was up
$0.02 to $4.07 per 1 million BTU. Gold was down $2.30 to $1,288.10
an ounce, while silver was down $0.04 to $19.57an ounce. Copper was
up $0.02 to $3.17 per pound.
Among energy ETFs, the United States Oil Fund was up 0.65% to
$35.55 with the United States Natural Gas Fund was up 0.09% to
$22.12. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was up 0.98% to 26.66 while SPDR Gold Shares were down
0.16% to $123.81. The iShares Silver Trust was down 0.03% to
Here's where the U.S. markets stand at mid-day:
NYSE Composite Index up 26.52 (+0.24%) to 11,036.23
Dow Jones Industrial Average down 0.60 (0.00%) to 17,078.97
S&P 500 down 3.92 (+0.20%) to 2,000.66
Nasdaq Composite Index up 15.93 (+0.36%) to 4,573.62
Nikkei 225 Index down 0.23%
Hang Seng Index unchanged
Shanghai China Composite Index up 0.97%
FTSE 100 Index up 0.20%
CAC 40 up 0.34%
DAX up 0.08%
NYSE SECTOR INDICES
NYSE Energy Sector Index down 3.55%
NYSE Financial Sector Index up 0.37%
NYSE Healthcare Sector Index up 0.47%
(+) NCTY (+32.30%) Enters license deal with System Link for
'Firefall' game in China.
(+) UEPS (+7.26%) Reported better than expected Q4 results.
(+) CRTO (+19.87%) Publicis In talks to buy company.
(+) RSH (+11.89%) Hedge fund Standard General may offer a
financial deal that helps avoid bankruptcy.
(+) SPLK (+19.85%) Reported better-than-expected Q2 financial
(+) VEEV (+18.59%) Strong Q2 results that beat consensus
(+) RALY (+14.00%) Released upbeat Q2 earnings after Thursday's
(-) FRO (-10.22%) Continues to decline after warning on Thursday
it may not be able repay a $190 million convertible bond loan
coming due next April.
(-) UBIC (-8.18%) Will acquire all of the outstanding shares of
(-) KNDI (-6.59%) $71 Mln Direct Placement Prices at 10%
Discount to Thursday's Close.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.