A heartbreaker for the bulls. At one point they had a major reversal and gain on their hands.
But first, the scoreboard:
Dow: +5
S&P 500: +0.40
NASDAQ: -5.94
And now, the key stories of the day:
Following Monday's action in the US, you knew that Japan was going to be ugly, if only because it had to play catch up. But it wasn't just ugly -- it was really ugly, with stocks falling over 3%, bringing down on ongoing nervousness about the ineptitude of the BoJ. That cast a pall over the rest of Asia.
Europe had another unimpressive day. Stocks sagged, Greek CDS spreads continued to widen, and Anglo Irish Bank turned in a really monster loss.
Futures in the US bottomed very early in the morning (right around 3:00 AM) and steadily gained into the opening bell. A decent June Case-Shiller number buoyed stocks. A good consumer confidence index reading also helped, and given all the talk about the double dip, it this was a particularly gratifying reading.
At one point all the markets were up solidly, including the NASDAQ. But as is the case these days, the rally faded. Fed minutes confirmed a divided FOMC (though mostly it was all well within expectations).
In the end, it was a tug-of-war kinda day, but stocks ended lower, with the NASDAQ taking the worst of it.
source:businessinsider
Tuesday, August 31, 2010
Why Gold is A Safe Investment Despite Record Highs
Here's Why Gold Is A Safe Investment Despite Record Highs
With gold only few dollars shy of marking another all-time high, it's appropriate to review the investment and central banking ramifications of gold at $1250/oz.
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With gold only few dollars shy of marking another all-time high, it's appropriate to review the investment and central banking ramifications of gold at $1250/oz.
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Link
Market Summary 8/31/2010
Stock Market Closing Prices – 8/31/10
Dow ( DJIA ) Close - 10014.72 +4.99
Nasdaq Close - 2114.03 -5.90
S&P 500 Close – 1049.33 +0.41
Commodities Closing Prices – 8/31/10
Gold Close - 1248.30
Oil Close – 71.62
Natural Gas – 3.82
The Dow up 5 points to 10014, stocks struggled all day and ended modestly lower as traders bid goodbye to a crummy August.
The indexes end down more than 4% in August. Volume continued to be light.
Expert said trading will probably remain volatile as investors await key economic reports due later this week, including non-farms payroll report on Friday. It's hard to be long or short ahead of the non-farms payroll report.
Crude oil was settled down $2.78,to $71.92, a victim of economic worry. Gold jumps above $1,250.
Economic Data: Sep 1, 2010
8:15am ADP Employment Change
10:00am Construction Spending
10:00am ISM Index
Dow ( DJIA ) Close - 10014.72 +4.99
Nasdaq Close - 2114.03 -5.90
S&P 500 Close – 1049.33 +0.41
Commodities Closing Prices – 8/31/10
Gold Close - 1248.30
Oil Close – 71.62
Natural Gas – 3.82
The Dow up 5 points to 10014, stocks struggled all day and ended modestly lower as traders bid goodbye to a crummy August.
The indexes end down more than 4% in August. Volume continued to be light.
Expert said trading will probably remain volatile as investors await key economic reports due later this week, including non-farms payroll report on Friday. It's hard to be long or short ahead of the non-farms payroll report.
Crude oil was settled down $2.78,to $71.92, a victim of economic worry. Gold jumps above $1,250.
Economic Data: Sep 1, 2010
8:15am ADP Employment Change
10:00am Construction Spending
10:00am ISM Index
Monday, August 30, 2010
...Talking About A Double Dip
GOOLSBEE: I don't think we will have a double dip recession. But it's –clearly anybody should keep their eye on that. You saw at the Jackson Hole fed conference in Wyoming that the - the fed is - is saying that. The central bankers from around the world are paying attention to it. I think if we passed a small business recovery bill, if we do what the president is asking and extend the middle class tax cuts, and if we go with his export initiative - he's outlined various ideas to promote exports. I don't think we will have a double dip recession. But it's clearly something we've got to - we've got to be mindful, and we've got to prevent.
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Link
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Warren Buffett:The Fortune Years
The Oracle of Omaha has long been considered the iconic value investor. As Buffett celebrates his 80th birthday today, Fortune takes a look back at the decades he's spent gracing our cover.
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Market Summary 8/30/2010
Stock Market Closing Prices – 8/30/10
Dow ( DJIA ) Close - 10009.73 -140.92
Nasdaq Close - 2119.97 -33.66
S&P 500 Close – 1048.92 -15.67
Commodities Closing Prices – 8/28/10
Gold Close - 1235.60
Oil Close – 74.12
Natural Gas – 3.81
The Dow down 141 points to 10010 , The market gave up of its gains from Friday.
Much of the decline was disappointment with a government report on personal income and spending. The declines came despite a steady stream of deal announcements and rumors of more deals.
Crude oil setled down 47 cents to $74.70. Gold settled up $1.30 to $1,239.20 an ounce.
Merger Monday appears to be rising. Intel agrees to buy Infineon's mobile chip business and 3M buying Cogent.
Market breadth was negative. Trading volume was light, with 818 million shares changing hands.
Economic Data: August 31, 2010
U.S. Case-Shiller home prices for June. 9 a.m.
U.S. August Conference Board consumer confidence. 10 a.m.
Federal Reserve's FOMC minutes. 2 p.m.
Dow ( DJIA ) Close - 10009.73 -140.92
Nasdaq Close - 2119.97 -33.66
S&P 500 Close – 1048.92 -15.67
Commodities Closing Prices – 8/28/10
Gold Close - 1235.60
Oil Close – 74.12
Natural Gas – 3.81
The Dow down 141 points to 10010 , The market gave up of its gains from Friday.
Much of the decline was disappointment with a government report on personal income and spending. The declines came despite a steady stream of deal announcements and rumors of more deals.
Crude oil setled down 47 cents to $74.70. Gold settled up $1.30 to $1,239.20 an ounce.
Merger Monday appears to be rising. Intel agrees to buy Infineon's mobile chip business and 3M buying Cogent.
Market breadth was negative. Trading volume was light, with 818 million shares changing hands.
Economic Data: August 31, 2010
U.S. Case-Shiller home prices for June. 9 a.m.
U.S. August Conference Board consumer confidence. 10 a.m.
Federal Reserve's FOMC minutes. 2 p.m.
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