Gold Gets Smacked, Stocks Climb, and Oil Dips Again

  • August 11, 2008
  • David Goodboy

Gold Smacked, Stocks Climb, Oil Dips Again

Gold lost over $35.00 and oil continued its slide helping the stock market close higher despite substantial woes in the financial sector.

The DJIA closed up +45.92 to 11780.24, the Nasdaq added +25.85 to 2439.95 and the S&P 500 rose +8.97 to 1305.30.

Amazon
(
AMZN |
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PowerRating) – The world’s largest Internet retail seller climbed 9.37% or $7.54 to $88.05/share on positive Citigroup analysts statements on greater Kindle sales.

Fannie Mae
(
FNM |
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PowerRating) led the S&P 500 in losses today as the mortgage concern fell 7.62% or $0.69 to $8.36/share on the tightening of loan approval standards by US banks.

Petrohawk Energy
(
HK |
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PowerRating) gave back 10.40% or $3.08 to $26.53/share after announcing a new issuance of 25 million shares to repay debt.

UAL Corp.
(
UAUA |
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PowerRating) climbed 10.24% or $1.14 to $12.27/share due to speculation that lower oil prices will result in 2009 profits.

Gold fell another $35.10 to $829.70/oz, oil gave back $0.44 to 114.76 and the VIX 2.61% to 20.12.

Market Snapshot

Dow

 +45.92 11780.24

NASDAQ

 +25.85 2439.95

S&P 500

 +8.97 1305.30

Economic
News

Trade Balance (Jun): Consensus -$61.9B, Prior -$59.8

Treasury Budget (Jul): Consensus -86.8B, Prior -$36.4B

Export Price ex-ag. (Jul): Consensus NA, Prior 0.9%

Import Price ex-oil (Jul): Consensus NA, Prior 0.9%

Retail Sales (Jul): Consensus -0.1%, Prior 0.1%

Retail Sales ex-auto (Jul): Consensus 0.5%, Prior 0.8%

Business Inventories (Jun): Consensus 0.6%, Prior 0.3%

Crude Inventories (08/09): Consensus NA, Prior 1614K

Core CPI (Jul): Consensus 0.2%, Prior 0.3%

CPI (Jul): Consensus 0.4%, Prior 1.1%

Initial Claims (08/09): Consensus 436K, Prior 455K

NY Empire State Index (Aug): Consensus -5.0, Prior -4.9

Net Foreign Purchases (Jun): Consensus $57.5B, Prior $67.0B

Capacity Utilization (Jul): Consensus 79.8%, Prior 79.9%

Industrial Production (Jul): Consensus 0.0%, Prior 0.5%

Mich Sentiment-Prel (Aug): Consensus 62.0, Prior 61.2

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