Tuesday was full of news items - most of them bad - which cumulatively took US stock markets down a few notches.
In classic bear market fashion, stocks opened higher, but quickly gave up their gains - the Dow managed to tack on 103 points at the high of the day, just before 10:00 am EDT - and turned negative, where they stayed the remainder of the session, the losses accelerating into the close.
Early in the day, Italy's Prime Minister, Mario Monti, expressed an interest for his country to tap into Eurozone bailout funds, for "bond support," an option previously not mentioned as Monti tries to turn around his country's flagging economy, but prescient, as Italy's banking system is one of the weakest of European nations.
Monti's suggestive remarks blunted a broad rally on European bourses, though most managed to finish with sizable gains, his comments coming late in the trading day.
Not so fortunate were US markets, which received the dispatch around 11:00 am EDT. The first news of the week from Europe that was not all roses and Perrier sent shivers through the exchanges as investors took heed and began selling in earnest.
Italy's woes were lumped on top of news that Patriot Coal, suffering from the lowest coal prices in 24 years, due to mild winters and increased use of natural gas, filed for bankruptcy protection in Manhattan, NY. The company's bonds are under severe pressure, selling for 26-34 cents on the dollar, depending on maturity. The stock (PCX) price ended Thursday at 0.61 cents and did not trade today, though some after hours quotes have it at 0.37 cents.
Adding to the day's malaise, the city of Scranton, PA, under severe financial pressure, cut municipal employees' pay to minimum wage, $7.25 per hour, citing a need to keep costs down and raise capital.
The woes of Scranton, mythical home to the hit series, "The Office," are notable, following the bankruptcy of Pennsylvania's state capitol, Harrisburg, and other municipal bankruptcies in Stockton, California and Jackson, Mississippi.
Just adding fuel to the raft of bad news was J.C. Penny, which announced 350 job cuts at their headquarters in Plano, Texas. The retailer is attempting a turnaround after years of sluggish sales and sputtering growth, though the economic climate hasn't been very cooperative. JCP finished down 1.27, at 20.76, a share price less than half what it was just five months ago.
All of these news items, which seem to be billowing up daily, sent stocks into a tailspin, though short-covering and the PPT managed to keep the major indices from closing at their lows.
There is little doubt that the US and global economies are facing stiff headwinds from an overabundance of debt, fraud and malfeasance, which won't be easily fixed.
The trend continues to be one of losing bets on stocks while legislators sit upon their collective hands - because it's an election year - and the global, criminal banking cartel continues to skim and chip away at the edges of everybody's wealth.
How long the crisis mentality will prevail is unknown, though one has to believe that all hell is about to break loose, both in the US and Europe - to say nothing about the hard landing in China - surely to fracture before the November elections.
It's a mess, and, if you're one of the sheeple who can't see the forest for the trees, it's time to start weeding and cutting some brush. The situation worsens by the day and financial authorities have nothing to offer but more debt, piled upon heaps and loads of the stuff.
On a personal note, it is with great regret that I note the passing of Helen Mittermeyer, mother of one of my two best friends, Paul Mittermeyer.
Helen left this earth on Monday afternoon, succumbing to complications from cancer after a short illness. She leaves behind her husband, Whitey, and four children, Paul, Ann, Daniel and Cris.
Helen was a noted writer of romance novels who wrote 30 books from 1983 through 1998. In her latter years, health issues prevented her from keeping to her craft. She also penned novels under the names Ann Cristy, Hayton Monteith, and Danielle Paul.
A warm, caring, generous, outgoing person with a permanent smile and a zest for life, Helen will be missed by all.
-- Rick Gagliano
Dow 12,653.12, -83.17 (0.65%)
NASDAQ 2,902.33, -29.44 (1.00%)
S&P 500 1,341.47, -10.99 (0.81%)
NYSE Composite, 7,667.56, -68.78 (0.89%)
NASDAQ Volume 1,697,232,250.00
NYSE Volume 3,439,462,750
Combined NYSE & NASDAQ Advance - Decline: 1859-3706
Combined NYSE & NASDAQ New highs - New lows: 299-74
WTI crude oil: 83.91, -2.08
Gold: 1,579.80, -9.30
Silver: 26.88, -0.56
Tuesday, July 10, 2012
Monday, July 9, 2012
Stocks Are Boring; Alcoa Shows Why; Europe Punts
On a midsummer's day upon which the biggest news was awaiting the second quarter earnings report from ALCOA, after he closing bell, stocks simply drifted below the break-even line in a tight range throughout the session.
With earnings season at hand, one would normally expect more excitement, but, alas, all is not well with what used to be known as the perfect discounting mechanism, i.e., the Wall Street stock exchanges.
Like it or not, continued central bank intervention on the grandest of scales ever witnessed has done nothing to revitalize global industry. The world has been in a funk for at least the past four years - since the epochal events of fall, 2008 - banks are all insolvent zombies and a global slowdown is coming at a time when monetary authorities are at their weakest, with zero to near-zero base interest rates the norm, bloated central bank balance sheets, full of faulty debt instruments nobody else wants to own, and sovereign debt exploding everywhere.
The world is full of debt and overcapacity, yet those in charge, scared to death as they may be, relent whenever an adult solution - like actually writing down bad debts - is needed and instead pass the hat to neighboring countries, the next central banker or the IMF, which, incidentally, is funded by the same over-indebted nations that borrow from it.
In the corporate sector, the slowdown can be seen everywhere, but especially tantalizing was Alcoa's (AA) second quarter, in which the company posted a loss.
Of all the goofy headlines designed to make people think everything is OK, the only one to get it right was the AP, which blared, Alcoa Inc. posts 2Q net loss in slowing economy.
The world's largest producer of aluminum has been squeezed into a condition in which it can no longer shed employees to save money, command a profitable price for its products due largely to over-supply, and thus, limps into the second half of the year off a loss with prospects for growth jaded, at best.
If Alcoa is any kind of bellwether, and, as a standing member of the Dow 30, it should be, the prospects for a robust earnings season have just been significantly reduced, maybe obliterated.
Companies can only do so much in stagnant or imploding economies, which is what the global condition is today, and just breaking even (or, taking a small loss) is probably considerably better than some of the companies to follow will do.
It's a very tough environment - one in which large firms have limited pricing power and smaller firms can't find financing. That's oversimplifying matters to a large degree, but there will be fire sales, clear misses and break evens on lowered expectations this quarter and going forward, unless and until central banks take their foot off the accelerator of the money-printing press.
Early signs of total collapse came from Europe today, where the ESM (European Stability Mechanism) - a permanent funding source of 500 billion Euros - was to be established, but was delayed amid growing discontent among participants, and the nagging need for the fund to not only bail out nations, but also the banks of those nations, without any preconditions.
The delay, just 10 days after a euphoric european summit ended with apparent agreement, sent Spanish bonds soaring over seven percent and confusion reigning supreme in the Eurozone.
This clip from CNBC, featuring two of the most vocal critics of centralized economic planning, central bank intervention and bailouts, Rick Santelli and Nigel Farage tells the story of the growing discontent perfectly well.
Dow 12,736.29, -36.18 (0.28%) NASDAQ 2,931.77, -5.56 (0.19%) S&P 500 1,352.46, -2.22 (0.16%) NYSE Composite 7,736.22, -20.40 (0.26%) NASDAQ Volume 1,358,825,380 NYSE Volume 2,810,960,750 Combined NYSE & NASDAQ Advance - Decline: 2427-3155 Combined NYSE & NASDAQ New highs - New lows: 293-51 WTI crude oil: 85.99, +1.54 Gold: 1,589.10, +10.20 Silver: 27.44, +0.52
With earnings season at hand, one would normally expect more excitement, but, alas, all is not well with what used to be known as the perfect discounting mechanism, i.e., the Wall Street stock exchanges.
Like it or not, continued central bank intervention on the grandest of scales ever witnessed has done nothing to revitalize global industry. The world has been in a funk for at least the past four years - since the epochal events of fall, 2008 - banks are all insolvent zombies and a global slowdown is coming at a time when monetary authorities are at their weakest, with zero to near-zero base interest rates the norm, bloated central bank balance sheets, full of faulty debt instruments nobody else wants to own, and sovereign debt exploding everywhere.
The world is full of debt and overcapacity, yet those in charge, scared to death as they may be, relent whenever an adult solution - like actually writing down bad debts - is needed and instead pass the hat to neighboring countries, the next central banker or the IMF, which, incidentally, is funded by the same over-indebted nations that borrow from it.
In the corporate sector, the slowdown can be seen everywhere, but especially tantalizing was Alcoa's (AA) second quarter, in which the company posted a loss.
Of all the goofy headlines designed to make people think everything is OK, the only one to get it right was the AP, which blared, Alcoa Inc. posts 2Q net loss in slowing economy.
Aluminum manufacturer Alcoa Inc. says it lost $2 million in the second-quarter as revenue dropped due to weaker prices and pockets of declining demand in the slowing global economy.
Alcoa on Monday posted break-even earnings per share for the April-through-June quarter. That compares with net income of $322 million, or 28 cents a share, a year ago.
Revenue fell 9 percent to $5.96 billion.
The world's largest producer of aluminum has been squeezed into a condition in which it can no longer shed employees to save money, command a profitable price for its products due largely to over-supply, and thus, limps into the second half of the year off a loss with prospects for growth jaded, at best.
If Alcoa is any kind of bellwether, and, as a standing member of the Dow 30, it should be, the prospects for a robust earnings season have just been significantly reduced, maybe obliterated.
Companies can only do so much in stagnant or imploding economies, which is what the global condition is today, and just breaking even (or, taking a small loss) is probably considerably better than some of the companies to follow will do.
It's a very tough environment - one in which large firms have limited pricing power and smaller firms can't find financing. That's oversimplifying matters to a large degree, but there will be fire sales, clear misses and break evens on lowered expectations this quarter and going forward, unless and until central banks take their foot off the accelerator of the money-printing press.
Early signs of total collapse came from Europe today, where the ESM (European Stability Mechanism) - a permanent funding source of 500 billion Euros - was to be established, but was delayed amid growing discontent among participants, and the nagging need for the fund to not only bail out nations, but also the banks of those nations, without any preconditions.
The delay, just 10 days after a euphoric european summit ended with apparent agreement, sent Spanish bonds soaring over seven percent and confusion reigning supreme in the Eurozone.
This clip from CNBC, featuring two of the most vocal critics of centralized economic planning, central bank intervention and bailouts, Rick Santelli and Nigel Farage tells the story of the growing discontent perfectly well.
Dow 12,736.29, -36.18 (0.28%) NASDAQ 2,931.77, -5.56 (0.19%) S&P 500 1,352.46, -2.22 (0.16%) NYSE Composite 7,736.22, -20.40 (0.26%) NASDAQ Volume 1,358,825,380 NYSE Volume 2,810,960,750 Combined NYSE & NASDAQ Advance - Decline: 2427-3155 Combined NYSE & NASDAQ New highs - New lows: 293-51 WTI crude oil: 85.99, +1.54 Gold: 1,589.10, +10.20 Silver: 27.44, +0.52
Friday, July 6, 2012
Poor Jobs Report Sends Stocks Reeling
The recovery that wasn't continues to glide along on a path to... somewhere, but probably, for most Americans, nowhere.
It's not like conditions are horrifying for most people, but standards of living are slipping overall, there are still 20 million of so Americans unemployed or underemployed, but the food stamps and welfare checks keep coming like clockwork, so what's the worry?
After this morning's dismal non-farm payroll report showed a net gain of 80,000 jobs - not enough to keep up with the growing labor force (which, recently, according to government statistics - lies, mostly - is shrinking) - stocks set out on a course to the serious downside, where they belong, but, after some thought, investors, or suckers, if you will, dove back in and brought the major indices back to more respectable levels.
The Dow had been down as much as 193 points, the S&P off by 19 and the NASDAQ down 55 before the afternoon crowd came in and hoisted the averages upwards, beginning just after 2:00 pm EDT in a very thinly-traded market.
Bankers and hedgies must be a lot like most people - or sheeple - in that they are so shallow and superficial as to believe that today's sharp decline and manufactured rally will convince anyone with a brain that the miasma of the debt clutch, high unemployment and Europe's special set of problems are not deeper, more profound and long-lasting than the suck-up media would have us believe.
Following last Friday's melt-up on Europe's latest "solution" stocks have clambered about a bit, and, as of today have given back only about a third of those ill-gotten gains. There's a growing apprehension that the lofty levels of equities and insistence by central bankers to keep printing more worthless fiat is going to cause a bust bigger than anyone wants to imagine. However, given that the current scheme of low to even negative interest rates - as Denmark posted just yesterday - has thus far kept the wolf from the door for nearly four years, central bank and government can-kicking may just be able to sustain itself for another two, three or four years.
Of course, there's always the possibility that something could go horribly wrong, like having most of the major global banking firms under investigation for rigging key rates, as is the current case concerning the libor, or that Italians might just give up on the technocratic form of governance that strips away wealth a little bit at a time and decide to go back to an agrarian lifestyle, an epochal event that would surely shatter the Euro for good, but, until such an event or "black swan," the global ponzi of the central bankers and their lieutenants within the banking cartel should continue without much interruption.
One has only to look around a bit, at places like Stockton, California, which recently filed for bankruptcy, or the new Section 8 neighbors in your formerly pristine, peaceful suburb or the dependency of old-timers, poor people and previously middle class folks on government programs to get a feeling that all is not well.
It's a depressing thought to think that our elected leaders and captains of industry have colluded against the best interests of the citizenry, but, that's what seems to have taken place over the past decade or so, or, at least it's become more out in the open during that time.
There aren't many good solutions to global economic crises, and he central bankers of the world have thrown everything, including the kitchen sink, at this one, to little avail. The day is approaching when all of the economists, bankers, politicians and CEOs are proven to be charlatans, their proposals and ideas completely wrong. That day will come; the trick is to know the exact date.
Until then, free houses for everyone!
Dow 12,772.47, -124.20 (0.96%)
NASDAQ 2,937.33, -38.79 (1.30%)
S&P 500 1,354.68, -12.90 (0.94%)
NYSE Composite 7,756.61, -81.17 (1.04)
NASDAQ Volume 1,419,548,625
NYSE Volume 2,650,810,250
Combined NYSE & NASDAQ Advance - Decline: 1708-3841
Combined NYSE & NASDAQ New highs - New lows: 225-36
WTI crude oil: 84.45, -2.77
Gold: 1,578.90, -30.50
Silver: 26.92, -0.75
It's not like conditions are horrifying for most people, but standards of living are slipping overall, there are still 20 million of so Americans unemployed or underemployed, but the food stamps and welfare checks keep coming like clockwork, so what's the worry?
After this morning's dismal non-farm payroll report showed a net gain of 80,000 jobs - not enough to keep up with the growing labor force (which, recently, according to government statistics - lies, mostly - is shrinking) - stocks set out on a course to the serious downside, where they belong, but, after some thought, investors, or suckers, if you will, dove back in and brought the major indices back to more respectable levels.
The Dow had been down as much as 193 points, the S&P off by 19 and the NASDAQ down 55 before the afternoon crowd came in and hoisted the averages upwards, beginning just after 2:00 pm EDT in a very thinly-traded market.
Bankers and hedgies must be a lot like most people - or sheeple - in that they are so shallow and superficial as to believe that today's sharp decline and manufactured rally will convince anyone with a brain that the miasma of the debt clutch, high unemployment and Europe's special set of problems are not deeper, more profound and long-lasting than the suck-up media would have us believe.
Following last Friday's melt-up on Europe's latest "solution" stocks have clambered about a bit, and, as of today have given back only about a third of those ill-gotten gains. There's a growing apprehension that the lofty levels of equities and insistence by central bankers to keep printing more worthless fiat is going to cause a bust bigger than anyone wants to imagine. However, given that the current scheme of low to even negative interest rates - as Denmark posted just yesterday - has thus far kept the wolf from the door for nearly four years, central bank and government can-kicking may just be able to sustain itself for another two, three or four years.
Of course, there's always the possibility that something could go horribly wrong, like having most of the major global banking firms under investigation for rigging key rates, as is the current case concerning the libor, or that Italians might just give up on the technocratic form of governance that strips away wealth a little bit at a time and decide to go back to an agrarian lifestyle, an epochal event that would surely shatter the Euro for good, but, until such an event or "black swan," the global ponzi of the central bankers and their lieutenants within the banking cartel should continue without much interruption.
One has only to look around a bit, at places like Stockton, California, which recently filed for bankruptcy, or the new Section 8 neighbors in your formerly pristine, peaceful suburb or the dependency of old-timers, poor people and previously middle class folks on government programs to get a feeling that all is not well.
It's a depressing thought to think that our elected leaders and captains of industry have colluded against the best interests of the citizenry, but, that's what seems to have taken place over the past decade or so, or, at least it's become more out in the open during that time.
There aren't many good solutions to global economic crises, and he central bankers of the world have thrown everything, including the kitchen sink, at this one, to little avail. The day is approaching when all of the economists, bankers, politicians and CEOs are proven to be charlatans, their proposals and ideas completely wrong. That day will come; the trick is to know the exact date.
Until then, free houses for everyone!
Dow 12,772.47, -124.20 (0.96%)
NASDAQ 2,937.33, -38.79 (1.30%)
S&P 500 1,354.68, -12.90 (0.94%)
NYSE Composite 7,756.61, -81.17 (1.04)
NASDAQ Volume 1,419,548,625
NYSE Volume 2,650,810,250
Combined NYSE & NASDAQ Advance - Decline: 1708-3841
Combined NYSE & NASDAQ New highs - New lows: 225-36
WTI crude oil: 84.45, -2.77
Gold: 1,578.90, -30.50
Silver: 26.92, -0.75
Thursday, July 5, 2012
Trepidacious Trading in Uncertain market Environment
On a day in which most of the economic news was positive - or, could have been considered in that regard - the palpable fear that engulfed Wall Street was nothing short of astonishing.
Even though the People's Bank of China (PBOC) cut interest rates, along with the ECB, and the Bank of England announced a boost in their own version of quantitative easing, adding 50 billion pounds to their asset purchase program, stocks could not get out of their own way throughout a tense, thinly-traded, anxious session.
US data was mixed. The ADP private employment index registered a gain of 179,000 jobs in June, blowing away estimates of a gain of 105,000, but ISM Services declined from 53.7 in May to 52.1 in June, the lowest reading since January of 2010.
Must of the angst appears focused on Friday's non-farm payroll report from the BLS, which is expected to show job growth in June for the US of 100,000 net new jobs. Following May's poor showing of a mere 69,000 new jobs, investors were rightly skeptical of the ADP number, which last month showed a gain of 136,000 jobs, so the consensus is that ADP's figures are skewed to the upside by 50,000, at a minimum.
With the major indices trading at, or close to, their highest levels since the end of May, investors exercised caution ahead of tomorrow's potentially-volatile non-farm payroll number.
The odd occurrence of stocks actually slumping when central banks cut interest rates or offer looser standards is confounding and possibly a signal that the current short-term rally is close to completion. Stocks are trading at levels closer to the highs seen at the beginning of May than the lows experienced at the end of May.
Also adding to the general state of confusion is the advent of second quarter earnings, which will begin to come to market next week. There may be some thinking that this earnings season will not be as robust as prior ones, even though estimates have been lowered for many firms.
There's also the nagging feeling that nothing is really solved in Europe and in America, no meaningful legislative action will be taken with the presidential and congressional elections taking place within four months.
The market is very uneasy at present, and yesterday's - and today's - extreme reading of new highs to new lows may have signaled to some an interim market top.
Of course, everything hinges on tomorrow's jobs' data, which will be released prior to the opening bell, at 8:30 am EDT.
Dow 12,896.67, -47.15 (0.36%)
NASDAQ 2,976.12, +0.04 (0.00%)
S&P 500 1,367.58, -6.44 (0.47%)
NYSE Composite 7,838.39, -63.27 (0.80%)
NASDAQ Volume 1,326,294,125
NYSE Volume 2,925,787,750
Combined NYSE & NASDAQ Advance - Decline: 2494-3070
Combined NYSE & NASDAQ New highs - New lows: 385-22
WTI crude oil: 87.22, -0.44
Gold: 1,609.40, -12.40
Silver: 27.67, -0.61
Even though the People's Bank of China (PBOC) cut interest rates, along with the ECB, and the Bank of England announced a boost in their own version of quantitative easing, adding 50 billion pounds to their asset purchase program, stocks could not get out of their own way throughout a tense, thinly-traded, anxious session.
US data was mixed. The ADP private employment index registered a gain of 179,000 jobs in June, blowing away estimates of a gain of 105,000, but ISM Services declined from 53.7 in May to 52.1 in June, the lowest reading since January of 2010.
Must of the angst appears focused on Friday's non-farm payroll report from the BLS, which is expected to show job growth in June for the US of 100,000 net new jobs. Following May's poor showing of a mere 69,000 new jobs, investors were rightly skeptical of the ADP number, which last month showed a gain of 136,000 jobs, so the consensus is that ADP's figures are skewed to the upside by 50,000, at a minimum.
With the major indices trading at, or close to, their highest levels since the end of May, investors exercised caution ahead of tomorrow's potentially-volatile non-farm payroll number.
The odd occurrence of stocks actually slumping when central banks cut interest rates or offer looser standards is confounding and possibly a signal that the current short-term rally is close to completion. Stocks are trading at levels closer to the highs seen at the beginning of May than the lows experienced at the end of May.
Also adding to the general state of confusion is the advent of second quarter earnings, which will begin to come to market next week. There may be some thinking that this earnings season will not be as robust as prior ones, even though estimates have been lowered for many firms.
There's also the nagging feeling that nothing is really solved in Europe and in America, no meaningful legislative action will be taken with the presidential and congressional elections taking place within four months.
The market is very uneasy at present, and yesterday's - and today's - extreme reading of new highs to new lows may have signaled to some an interim market top.
Of course, everything hinges on tomorrow's jobs' data, which will be released prior to the opening bell, at 8:30 am EDT.
Dow 12,896.67, -47.15 (0.36%)
NASDAQ 2,976.12, +0.04 (0.00%)
S&P 500 1,367.58, -6.44 (0.47%)
NYSE Composite 7,838.39, -63.27 (0.80%)
NASDAQ Volume 1,326,294,125
NYSE Volume 2,925,787,750
Combined NYSE & NASDAQ Advance - Decline: 2494-3070
Combined NYSE & NASDAQ New highs - New lows: 385-22
WTI crude oil: 87.22, -0.44
Gold: 1,609.40, -12.40
Silver: 27.67, -0.61
Tuesday, July 3, 2012
Short Session, Big Gains
In Tuesday's shortened session, since there was no negative news coming out of Europe and no US data upon which to trade, stocks took the path of least resistance and bolted to the upside, scoring unusually large gains in the 3 1/2 hour session.
Topping the news was the resignation of Barclay's chief executive, Bob Diamond, who has been embroiled for the past week in a scandal involving rigging of the Libor during the financial crisis in 2008.
Diamond, who previously said he would not step down, is at the center of a growing maelstrom which could reportedly involve 12 major banking firms also involved in the rate-rigging scheme.
Also revealed today was news that the Bank of England might have been encouraging Barclay's and others to maneuver the Libor to keep financial firms and the global economy from disintegrating at the height of the crisis.
The British parliament plans to open an inquiry into the matter, which will convene tomorrow, July 4.
One piece of economic data that was released was Factory Orders, which recorded a rise of 0.7% in May.
Auto sales for June were also announced by a number of car makers. Chrysler reported a 20% increase in sales from a year ago. Ford had a 7% increase, while sales of General Motors' vehicles rose 16%.
While down from the pace of May, June's numbers were enough to bolster confidence in stocks overall.
Dow 12,943.82, +72.43 (0.56%)
NASDAQ 2,976.08, +24.85 (0.84%)
S&P 500 1,374.02, +8.51 (0.62%)
NYSE Composite 7,901.59, +69.36 (0.89%)
NASDAQ Volume 976,336,625
NYSE Volume 2,067,057,875
Combined NYSE & NASDAQ Advance - Decline: 4176-1290
Combined NYSE & NASDAQ New highs - New lows: 482-22 (extreme)
WTI crude oil: 87.16, +3.41
Gold: 1,621.80, +24.10
Silver: 28.28, +0.78
Topping the news was the resignation of Barclay's chief executive, Bob Diamond, who has been embroiled for the past week in a scandal involving rigging of the Libor during the financial crisis in 2008.
Diamond, who previously said he would not step down, is at the center of a growing maelstrom which could reportedly involve 12 major banking firms also involved in the rate-rigging scheme.
Also revealed today was news that the Bank of England might have been encouraging Barclay's and others to maneuver the Libor to keep financial firms and the global economy from disintegrating at the height of the crisis.
The British parliament plans to open an inquiry into the matter, which will convene tomorrow, July 4.
One piece of economic data that was released was Factory Orders, which recorded a rise of 0.7% in May.
Auto sales for June were also announced by a number of car makers. Chrysler reported a 20% increase in sales from a year ago. Ford had a 7% increase, while sales of General Motors' vehicles rose 16%.
While down from the pace of May, June's numbers were enough to bolster confidence in stocks overall.
Dow 12,943.82, +72.43 (0.56%)
NASDAQ 2,976.08, +24.85 (0.84%)
S&P 500 1,374.02, +8.51 (0.62%)
NYSE Composite 7,901.59, +69.36 (0.89%)
NASDAQ Volume 976,336,625
NYSE Volume 2,067,057,875
Combined NYSE & NASDAQ Advance - Decline: 4176-1290
Combined NYSE & NASDAQ New highs - New lows: 482-22 (extreme)
WTI crude oil: 87.16, +3.41
Gold: 1,621.80, +24.10
Silver: 28.28, +0.78
Subscribe to:
Posts (Atom)
Posts
