Market Recap: Markets Mixed on U.S. Economy and EU Debt Crisis
- Posted on November 18, 2011 at 5:44pm by
Becket Adams
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Markets closed mixed on Wall Street today:
- Dow +0.22 percent
- S&P -0.04 percent
- Nasdaq -0.60 percent
- Oil -1.20 percent
- Gold +0.16 percent.
On the commodities front:
- Oil (NYSE:USO) fell to $97.74 a barrel
- Gold (NYSE:GLD) went up to $1,730.00 an ounce
- Silver (NYSE:SLV) climbed 2.44 percent to settle at $32.34
(Related: Will the Budget Supercommittee Reach a Deal by Deadline?)
Today’s markets were mixed because:
1) U.S. Economy: The Conference Board’s index of leading indicators in the U.S. surprised to the upside Friday. The latest reading rose 0.9 percent in October, better than the 0.6 percent rise economists expected, a sign that the American economy may pick up in the coming months.
2) EU: Borrowing costs in Italy and Spain eased after record high levels in recent days pressured the broader market, a signal that bond investors are less fearful of a default by those countries.
Nevertheless, leaders of Germany and the U.K. were unable reconcile their differences on plans for European treaty changes and a financial transaction tax at a meeting in Berlin today after European Central Bank chief Mario Draghi had criticized euro-zone leaders earlier in the day for failing to follow through with plans to resolve the debt crisis.
3) Companies: Companies that rely most heavily on economic expansion to make money were the best-performing stocks today. Hewlett-Packard popped 2.57 percent, more than any of the Dow’s other 29 components. Boeing Co. rose 2.07 percent.
However, after a couple of disappointing earnings reports, ketchup-maker H.J. Heinz Co. and retailer Gap Inc. both slid deep into negative territory.
[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]
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Gypsy123
Posted on November 19, 2011 at 1:54amI sold the stock I had which was not much but I would rather have food than people gambling with my money. I think like Dent said she is going to drop and then what.
Report Post »truthseekerusa
Posted on November 19, 2011 at 1:32pmSold my stocks before the bubble broke. Dried food is a good investment as a hedge against the rising inflation. Those of us who are heeding the preparation advice that Beck has been giving have a better chance of surviving ObamaEconomics those who still believe the lies that are being told on CNN, MSNBC, et al. GBTV is the only place to find economists that don’t treat the viewers like idiots..
Report Post »ermom
Posted on November 18, 2011 at 7:44pmRemember that the goal of the globalists, such as Soros is to destroy America, bring in a global currency, thus a global gov’t, and achieve Obama‘s promise of a ’fundamental transformation‘ of the USA to a socialist state in a global gov’t. Europe’s fiscal problems are too critical. The fundamentals do not allow for them to pull out of their crisis. IMHO, Germany is getting tired of taking care of the Eurozone. And we, as we are broke, should NOT be on the hook for Europe’s problems. And we are…17% of the IMF comes from us. Or should I say, our children and grandchildren.
Report Post »YoungBloodNews
Posted on November 18, 2011 at 6:25pmMarket recap: It goes up on fairy dust and empty words, comes down hard on the reality of bankster looting and ‘technocrat’ takeover of sovereign nations.
Report Post »Eliasim
Posted on November 18, 2011 at 5:53pmAwe gee, if they could only find another planet to populate, to increase population, and trade with that other world. Not gonna happen.
Report Post »someonewhocares
Posted on November 18, 2011 at 6:11pmLooks pretty bad.
http://politicalbowl.com – Political Videos
Report Post »Eliasim
Posted on November 18, 2011 at 5:50pmNothing is going to fix it, ever, unless they can pull over $600 trillion in precious metals out of their rear-ends.
Report Post »lukerw
Posted on November 18, 2011 at 6:39pmWhom so ever thinks that the Signs show that Economics are getting better… is an IDIOT!
Report Post »truthseekerusa
Posted on November 19, 2011 at 1:11pmEstimate now is that Thanksgiving purchases for food will be 13% higher than that in 2010. Talk to working people and they will tell you that their hours are being cutback, that they are now working into their late sixties to cope with the rising inflation. Almost every where I go to shop, I see old people doing jobs that were once held by teenagers and young adult,s in order to supplement savings that were supposed to take care of them in their later years.
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