Themarkethadamodestreboundfollowingyesterday’ssharpdrop.However,thevolumewasquitelight.Mosteconomicnewsforthedaywasonthepositiveside.Theweeklyjoblessclaimscameat365Kvs.375Kconsensus.Thecontinuingclaimswere3.02millionfortheweekendingApril26thcomparedto3.03millioninthepreviousweek.Inaddition,mostchainretailersreportedbetterthanexpectedmonthlysamestoresalesforApril.Unlikeyesterday,anotherrecordhigho...[
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Afteraquietandflatstart,themarketgraduallytrendedlowerduringtheearlytradingbeforetakingaplungelateintheafternoon.Allthreemajorindicespostedalossinexcessof1.5%.TheDowTransportationAverage,whichperformedgreatuntilyesterday,didevenworseandclosedthedaylowerbymorethan3%.Itisworthnotingthattoday’ssharpdrophappenedinasessionwithmosteconomicnewsin-lineorbetterthanexpectation.TheproductivityforQ1rose2.2%c...[
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Despitearathernegativeopening,thestockmarketendedthedaymodestlyhigher.TheDow,whichgained0.4%forthesession,continuedtolagbehindtheNasdaqandtheS&P500,bothofwhichpostedagainofaround0.75%.Thereisnoeconomicnewssothemarketmovementismoreofanactionofitsown.Itisquiteimpressivethatthemarketmovedhigherdespiteseveralnegativeearningsreportsfromfinancialandhomebuildingsectors.Also,themarketshruggedoffnegativeim...[
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Themarketendedthefirsttradingdayofthenewweekmodestlylower.ThelosswasquitecontainedastheDow,whichperformedtheworstamongthebigthree,postedalossof0.7%.Theonlyimportanteconomicnewsturnedouttobebetterthanexpected.TheAprilISMservicesreadingcameat52.0,up2.4pointsfromthepreviousmonth.Economistsexpectedadropto49.1instead.ItmarkedthefirstexpansionintheservicesectorsincelastDecember.However,anewrecordoilpric...[
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AsI’mgoingawayfora4-daytripsoon,dailymarketcommentsforMay1stand2ndwillbeomitted.
Briefcommentsoftoday’smarket:
Itlooksmorelikethecasethatyesterday’ssell-offfollowingtheFedmeetingwasmerelyprofit-taking.TheUSdollarcontinuedtomovehigherandatthesametimeequitiesalsomovedmateriallyhigher.Commodities,ontheotherhand,continuedtoslumpasmoneypulledoutofthepreviouslyhotsector.Astomorrowwillbringint...[
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ThemarketendedtheFeddecisiondaymodestlyloweraftergainingasmuchas1.4%earlier.Forthemonth,itgainedmorethan4%,thebestsinceDecember2003andendingthelongestlosingstreaksince1990.Mosteconomicnewsforthedaywaspositive.ThefirstreadingonQ1GDPcameat0.6%vs.0.5%expected.Inotherwords,althoughitcertainlyfeelstheUSeconomyisalreadyinarecessionandmostlikelyitis,technicallywearenotthereyet.TheChainDeflatorreading,ont...[
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Themarketcontinuedtobehaveinaratherlacklustremoodaheadoftomorrow’scloselywatchedGDPreportandFed’sinterestratedecision.Similartoyesterday,allthreemajorindicesspentmosttimehoveringaroundtheunchangedlevelandclosedwithin0.4%fromtheprevioussession.TheDowTransportationAveragecontinuedtobeastarperformerandclosedatanewhighforthisyear.Yeartodate,thatindexisupanimpressive14%comparedtoa5%dropinthebroadS&P5...[
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Themarketstartedthenewweekinarathermutedfashion.Allthreemajorindicesspentmosttimeofthedayhoveringaroundtheunchangedlevelandclosedwithin0.2%fromtheprevioussession.TheDowTransportationAveragecontinuedtobeastarperformerandclosedatanewhighforthisyear.ThereislittleeconomicnewsbutwehavesomesizeableM&AdealsincludingoneinvolvingMars,WrigleyandBerkshireHathawaywithapricetagof$23billion.Earningscontinuedtob...[
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Themarketendedthedaymixedwithlightvolume.Fortheweek,allthreemajorindicesmovedmodestlyhigherandclosedatthebestlevelinmorethan3months.TheDowTransportationAveragecontinuedtooutperformthebroadmarket---itgained1.2%fortheday,bringingitstotalyear-to-dategainto12%comparedwitha4.8%dropintheS&P500index.Theeconomicnewsofthedaywasquitenegative.TheUSconsumersentimentindexfellmorethanexpectedinAprilto62.6,thelo...[
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Themarketadvancedfortheseconddayinarow.TheNasdaqagainbecamethetopperformeramongthebigthreeandposteda1%gain.Wegotsomemixedeconomicnews:Onthepositiveside,weeklyjoblessclaimsunexpectedlydropped33Kfromthepreviousweekwhileeconomistsexpectednochange.Inaddition,thecontinuingclaimsalsodropped65Kfromthepreviousweekandcameat2.934million.Inaseparatereport,ordersfordurablegoodsexcludingtransportationroseagrea...[
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