Trichet Calms Greece, Retail Rocks, Stocks Climb
Surprisingly better than expected retail sales numbers stopped the global stock slide in its tracks on this second to last trading session of the week. Greek fears were abated on European Central Bank President Jean-Claude Trichet’s positive words triggering a rally in the Euro. Treasury prices dropped after a $13 billion dollar 30-year bond auction. The DJIA added +29.55 to 10927.07 on the strength of McDonald’s and American Express. The tech heavy Nasdaq moved higher by +5.65 to 2436.81 and the S&P 500 rose by +3.99 to 1186.43.
^LVS^: A surge in Vegas gambling revenues sent the casino operator higher by 5.67% or $1.30 to $24.23.
^TGT^: Shares climbed 3.02% or $1.63 to $55.64 estimates and positive words about the first quarter.
^HUSA^: A rumor posted on the Seeking Alpha website sent shares tumbling prior to the company stating the rumor was “outrageous”. Shares responded by ending the day down 5.10% or 74 cents to $13.77.
^QLGC^: Shares gave back 3.17% or 66 cents to $20.15 following a rating of “buy” at Canaccord Adams.
Oil gave back 35 cents to $85.53, gold slipped $2.00 to $1150.80 and the VIX index fell by 0.84% to 16.48.
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