Wednesday stocks opened on a rally, but finished badly.
Earlier in a day, stocks rallied as sales of new homes rose to the highest level in two years and stronger than estimated growth in durable-goods orders gave data points for strengthening of US economic recovery. Durable-goods are those items whose life is greater than 3 years. This includes items like washers, dryers, television sets and telecommunication devices etc.
However, stocks fell in the last hour of trading session on a Financial Times report saying China was reviewing its European debt holdings. Euro was trading at $1.21.
The Dow closed below the psychological mark of 10,000 for the first time since February 2010. It fell 0.7% to 9974. The Nasdaq declined 0.7 % to 2195, erasing 2.1% morning gains. The S&P 500 fell 0.6%.
Volume rose across the boards.
June Gold was trading at $1212 per troy of ounce. Crude oil was trading at $70.8 per barrel.
Wednesday, May 26, 2010
Friday, May 21, 2010
US Market brief: May 21
Stocks struggled to stay in the positive territory to break a three session slide. After rolling in a zigzag fashion, today stocks closed higher. The S&P climbed 1.5%, Dow 1.2% and Nasdaq 1.1%. Volume rose on the both exchanges (NYSE and Nasdaq) .
Despite Friday's rebound, equities still finished lower on the week. The Nasdaq dropped 5%, S&P 500 4.2% and Dow 4%. Both indexes S&P 500 and Nasdaq undercut their May 6 Flash Crash low intraday in this week. Factors contributing to this week’s volatility were worries about Europe's debt crisis and the global economy potentially double-dipping back into recession, Fall of Euro, financial regulatory bill discussion in US Parliament.
However, on Friday the German Parliament approved the country's contribution to the 750 billion-euro bailout plan for euro-zone nations facing debt problems. The euro rebounded to $1.25, earlier in this week it touched to $1.21 low. Banks were strong on Friday despite the approval of financial regulatory bill by US senate lawmakers, placing new restrictions on the nation's biggest banks.
On the merger and acquisition front, Abbott Laboratories agreed to acquire the generics business of India’s Piramal Healthcare for a payment of $2.12 billion and payments of $400 million annually over the next four years.
The gold was trading lower at $1177 (-0.97%). And oil was trading lower at $69.84 (-1.36%).
Investors will be watching for the new home and existing home sales data, GDP data and visit of U.S. Treasury Secretary Timothy Geithner to Beijing in the next week.
Despite Friday's rebound, equities still finished lower on the week. The Nasdaq dropped 5%, S&P 500 4.2% and Dow 4%. Both indexes S&P 500 and Nasdaq undercut their May 6 Flash Crash low intraday in this week. Factors contributing to this week’s volatility were worries about Europe's debt crisis and the global economy potentially double-dipping back into recession, Fall of Euro, financial regulatory bill discussion in US Parliament.
However, on Friday the German Parliament approved the country's contribution to the 750 billion-euro bailout plan for euro-zone nations facing debt problems. The euro rebounded to $1.25, earlier in this week it touched to $1.21 low. Banks were strong on Friday despite the approval of financial regulatory bill by US senate lawmakers, placing new restrictions on the nation's biggest banks.
On the merger and acquisition front, Abbott Laboratories agreed to acquire the generics business of India’s Piramal Healthcare for a payment of $2.12 billion and payments of $400 million annually over the next four years.
The gold was trading lower at $1177 (-0.97%). And oil was trading lower at $69.84 (-1.36%).
Investors will be watching for the new home and existing home sales data, GDP data and visit of U.S. Treasury Secretary Timothy Geithner to Beijing in the next week.
Wednesday, May 12, 2010
US Market Brief: May 12, 2010
On Wednesday, US stocks advanced in a lighter volume. The Nasdaq and Dow climbed 2.1% and 1.4% respectively and both regained their 50-day moving average. The S&P 500 advanced 1.4%, but few points away from its 50-day moving average.
Investors encouraged by good news about improving US economy and Spain's Austerity plan to contain debt problems. Under this austerity measures to meet deficit targets by European Union, Spain's Prime Minister Jose Luis Rodriguez Zapatero is committed to cut civil service pay this year, freeze the pay next year and cut 13,000 public sector jobs.
The Dow closed at 10,896, up 148 points, 1.4%, with a lower volume.
The S&P 500 closed at 1171, up 15 points, 1.4% with a lesser volume. Retailers were day's biggest gainers.
The Nasdaq closed at 2425, up 49 points, 2.1%, volume was lighter. The large cap techs like Cisco, Intel, Microsoft and Baidu advanced, giving a boost to Nasdaq. Later in the evening CISCO delivered quarterly results, meeting analyst's expectations. However, it fell in the after-hour trading.
Gold was at $1238 an ounce, -6 points or -0.47%
Crude oil was at $75.33 per barrel, -0.35 points or -0.46%
Investors encouraged by good news about improving US economy and Spain's Austerity plan to contain debt problems. Under this austerity measures to meet deficit targets by European Union, Spain's Prime Minister Jose Luis Rodriguez Zapatero is committed to cut civil service pay this year, freeze the pay next year and cut 13,000 public sector jobs.
The Dow closed at 10,896, up 148 points, 1.4%, with a lower volume.
The S&P 500 closed at 1171, up 15 points, 1.4% with a lesser volume. Retailers were day's biggest gainers.
The Nasdaq closed at 2425, up 49 points, 2.1%, volume was lighter. The large cap techs like Cisco, Intel, Microsoft and Baidu advanced, giving a boost to Nasdaq. Later in the evening CISCO delivered quarterly results, meeting analyst's expectations. However, it fell in the after-hour trading.
Gold was at $1238 an ounce, -6 points or -0.47%
Crude oil was at $75.33 per barrel, -0.35 points or -0.46%
Tuesday, May 11, 2010
US Market Brief: May 11, 2010
On Tuesday stocks ended mixed. Stocks could not retain its mid-session gains. Earlier in the mid session, US Investors derived some confidence from strong finish in Europe. However, that did not last till close.
Dow closed at 10,768, down 36 points, 0.3%, closed below 50-day moving average line and volume was lower than yesterday.
S&P closed at 1155, down 4 points, 0.3% and closed just below its 50-day moving average line and volume was lower.
NASDAQ closed at 2374, up less than 1 point, and below its 50-day moving average. And volume was slightly higher.
June gold settled at a closing price of $1,220.30 an ounce, up $19.50. But in after-hours trading, the contract advanced to $1235.20.
Crude oil was at $75.81, -0.56 points.
Market is still in a downtrend.
Dow closed at 10,768, down 36 points, 0.3%, closed below 50-day moving average line and volume was lower than yesterday.
S&P closed at 1155, down 4 points, 0.3% and closed just below its 50-day moving average line and volume was lower.
NASDAQ closed at 2374, up less than 1 point, and below its 50-day moving average. And volume was slightly higher.
June gold settled at a closing price of $1,220.30 an ounce, up $19.50. But in after-hours trading, the contract advanced to $1235.20.
Crude oil was at $75.81, -0.56 points.
Market is still in a downtrend.
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