Stocks Snap Six Day Losing Streak, Retailers Slump; Nasdaq Shut-Down For Three Hours

By Staff,

Shutterstock photo

Stocks reversed a six-day losing streak by closing with modest gains today, buoyed by bullish manufacturing data from the EU and China as well as upbeat US economic data. Retail stocks, however, had another rough day as a result of weak earnings from Abercrombie & Fitch ( ANF ) and Sears ( SHLD ). Of course, the headline news today was the 3 hour halt in Nasdaq trading, but the tech heavy Index ultimately ended higher.

Today's economic data was mostly positive including initial jobless claims which rose by a greater than expected 13,000 to 336,000. The 4 week average, however, fell to a 7 year low. The August Markit PMI of 53.9 beat estimates of 53.5, as did the June house price index which showed a 0.7% gain versus the consensus estimate of a 0.6% gain. Finally, leading indicators rose 0.6%, above forecasts for a 0.5% increase.

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

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

This article appears in: Investing Commodities
Referenced Stocks: ANF , SHLD

More from MT Newswires


MT Newswires

MT Newswires

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by