Yesterday’sreboundturnedouttobeasshort-lived.Allthreemajorindicesfinishedthisoptionexpirydatelowerbyatleast1.8%.Fortheweek,theDowwasoffbymorethan450pointsandclosedatlevelsnotseensinceearlyMarch.TheS&P500andtheNasdaqwerefaringrelativelybettercomparedtotheDowandweredown3.1%and2.0%respectivelyfortheweek.ItshouldbenotedthattheS&Pnowisinnegativeterritoryforthequarterandisdownbymorethan10%fortheyear.Th...[
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ThemarkethadamodestreboundthisThursday.TheNasdaq,ledbysomebigtechnames,advancedmorethan1.3%whileincomparison,boththeDowandtheS&P500wereuparound0.3%.Thenewsontheeconomicfrontwasmixedthismorning.InitialclaimsfortheweekendingJune14thcameat381K,adecreasedof5Kfromthepreviousweek’srevisedfigureof386K.Itwashigherthaneconomistshadcalledforbutstillstayedwithintherangeofestimation.Thecontinuingclaims,onthe...[
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Themarketdroppedfortheseconddayinarow.TheDowisnowbarelyabovethepsychologicallyimportant12000levelandclosedatthelowestlevelinthreemonths.Unlikeyesterday,thereislittleeconomicnews.Severaldisappointingearningsreportsalongwithariseincrudepricewerecitedasthemainreasonsbehindtoday’sdrop.Ontopofthat,RBStolditsclientstoprepareforacrashinglobalstockandcreditmarketsoverthenextthreemonths.Thebankwarnsthatth...[
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Themarketcouldn’tholdontoitsearlygainsamidcontinuousworriesinthefinancialsector.Allthreemajorindiceswerelowerbyaround0.7%bytheclose.Itwasabusydayintermofeconomicnewsbutunfortunately,mostcameshortofexpectation.Startwiththecloselywatchedhousingdata.TheHousingStartsforMaydroppedtoanannualrateof975Kfromarevised1008Kinthepreviousmonth.Thatwaslowestreadingin17yearsandbeloweconomists’forecasts.Tobefair...[
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Themarketstartedthenewweekinalacklusterfashion.TheS&P500,whichwashoveringaroundtheunchangedlevelmostoftheday,endedhigherfractionally.TheNasdaq,ledbysomebigtechsincludingRimmandApple,outperformedtheboardmarketandadvanced20points.Thenewsontheeconomicfrontwasmostlynegative.TheNYEmpireStateindexdroppedtominus8.7fromminus3.2whileeconomistsexpectedasmallincrease.Inaseparatereport,theNationalAssociationo...[
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Fridaythe13thturnsouttobealuckydayforinvestors.Afterasell-offearlyintheweek,themarketessentiallyendedtheweekattheunchangedlevelmainlyduetoasharpreboundintoday’strading.TheDowadvanced165pointsor1.4%whiletheNasdaqgained50points.Wegotsomemixednewsontheeconomicfront.TheheadlineCPIincreased0.6%aftera0.2%gaininthepreviousmonth.Economistswerelookingforanincreaseof0.5%.Excludingfoodandenergy,coreCPIincre...[
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Headingintotoday’strading,therewereamplesignsofover-soldconditionaroundandarallyseemedtobeasensibleconclusion.Indeed,wegotonethismorning.However,therallywassoshort-livedandbytheendoftheclosing,stocksgavebackmostoftheearlygains.Infact,noneofthethreemajorindicesmanagedtoadvancemorethan0.5%.ItwascertainlydisappointingtobullsconsideringtheDowwasupasmuchas180pointsearlier.Wehadsomemixedeconomicnewsthi...[
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Bearsarebackinthedriver’sseataftertworelativelyquietsessions.Allthreemajorindicesendedthedaylowerbyatleast1.5%.Surgingoilprice,whichadvancedmorethan$5abarrel,againbecamethesuspectbehindtoday’ssharpsell-off.Continuousweaknessinthekeyfinancialsectoronlymadethingsworse.TheFed’slatestBeigeBookofferedlittlesurprise.Threeofthe12regionalFedbanksreported“softer,weakerorlower”growthandfourhad“slower,...[
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Fortheseconddayinarow,themarketendedthedayinamixedfashion.TheDow,buoyedbystrongperformanceinCoca-Cola,wasupfractionallywhiletheothertwomajorindiceswerelowermodestly.Thenewsontheeconomicfrontwasmoreorlessinlinewithexpectation.TradeBalanceforAprilcameatadeficitof$60.9billion,upfrom$56.5billioninthepreviousmonth.However,afteradjustingthenumbersforinflation,thetradedeficitshrankto$46.9billion,thelowes...[
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Themarketendedthefirsttradingsessionofthenewweekinamixedfashion.TheDowadded70pointsafterlosingnearly400pointslastFridayandtheNasdaq,draggedbyseveralbigtechnames,postedalossof0.6%.Interestingly,justwhenalmosteveryonewaspessimisticontheoutlookofhousing,wegotsomegoodnewsonthattroubledsector.ThependinghomesalesforAprilrose6.3%whileeconomistswerelookingforadropof1.0%.Althoughonemonthdatadoesn’tconstit...[
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