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

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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.




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This article appears in: Investing , Commodities

Referenced Stocks: ANF , SHLD

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