Rally Knocked Flat, Bernanke Says Low Rates, Dollar Climbs
An earnings-driven rally was knocked flat by a strong dollar and commodity share based selling. The bulls were in control until the selling sent the market to a mixed close on the day. Ben Bernanke reiterated his low rate stance but it wasn’t enough to counteract the selling. The DJIA closed higher by +5.06 to 10841.37, the tech heavy Nasdaq lost -1.35 to 2397.41 and the broad based S&P 500 slipped -1.99 to 1165.73.
^AMZN^: Janney Capital stated the outlook for sales growth is strong sending shares higher by 5.22% or $6.69 to $134.73.
^BBY^: Shares climbed 3.59% or $1.48 to $42.66 after beating profit and sales estimates.
^C^: Gained 2.89% or 12 cents to $4.27 after the U.S. Treasury announced it will sell its stake in an orderly fashion.
^NKE^: Shares advanced 0.26% or 19 cents to $73.57 after being raised to “overweight” at HSBC Holding.
Oil fell 32 cents to $80.29, Gold advanced $3.20 to $1092.10 and the VIX index climbed 4.84% to 18.40.
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