Energy Prices Tumble, JP Morgan Surges, Gold Climbs

  • July 17, 2008
  • David Goodboy

Stocks rally for the second day with better than expected earning results in the financial sector and plunging energy prices. The DJIA jumped another +191.26 to 11430.54, the Nasdaq climbed +27.45 to 2312.30 and the broad based S&P 500 advanced +14.69 to 1260.05.

JP Morgan
(
JPM |
Quote |
Chart |
News |
PowerRating) surged 10.49% or $3.77 to $39.71/share after releasing better than expected earnings and less losses from the Bear Sterns takeover

HNI Corp.
(
HNI |
Quote |
Chart |
News |
PowerRating) – The office furniture maker shocked the market with 70% greater earnings than expected, jumping 29.22% or $5.05 to $22.40/share

Safeway Inc.
(
SWY |
Quote |
Chart |
News |
PowerRating) dipped 10.83% or $3.30 to $26.72 after the United States third largest supermarket chain failed to meet forecasts.

Yum Brands
(
YUM |
Quote |
Chart |
News |
PowerRating) fell 6.99% or $2.55 to $33.94/share due to higher food costs damaging profits.

Oil fell another $4.69 to $129.91/barrel, gold climbed $8.00 to $970.70/oz and the S&P Energy Index fell 9.12 to 564.28.

Market Snapshot

Dow

 +191.26 11430.54

NASDAQ

 +27.45 2312.30

S&P 500

 +14.69 1260.05

Economic
News

NY Empire State Index (Jul): Consensus -8.0, Consensus -8.7

Retail Sales (Jun): Consensus 0.4%, Prior 0.8%

Retail Sales ex-auto (Jun): Consensus 0.9%, Prior 0.8%

PPI (Jun): Consensus 1.3%, Prior 1.4%

Core PPI (Jun): Consensus 0.3%, Prior 0.2%

Business Inventories (May): Consensus 0.5%, Prior 0.5%

Core CPI (Jun): Consensus 0.2%, Prior 0.2%

CPI (Jun): Consensus 0.7%, Prior 0.6%

Net Foreign Purchases (May): Consensus $65.0B, Prior $115.1B

Capacity Utilization (Jun): Consensus 79.4%, Prior 79.4%

Industrial Production (Jun): Consensus 0.0%, Prior -0.2%

Crude Inventories (07/12): Consensus NA, Prior -5840K

FOMC Minutes (Jun 25)

Building Permits (Jun): Consensus 965K, Prior 969K

Housing Starts (Jun): Consensus 960K, Prior 975K

Initial Claims (07/12): Consensus 380K, Prior 346K

Philadelphia Fed (Jun): Consensus -15.0, Prior -17.1

Win up to $10,000 predicting the direction of a stock!