Market Recap: Retail Reports Send Stocks Up, Facebook Continues to Bomb
- Posted on August 17, 2012 at 1:23pm by
Becket Adams
- Print »
- Email »
Markets closed up today:
▲ Dow: +0.19 percent
▲ Nasdaq: +0.46 percent
▲ S&P: +0.19 percent
Precious metals:
▲ Gold: up +0.10 percent to $1,614.70 an ounce
▼ Silver: down -0.51 percent to settle at $28.02
Commodities:
▲ Oil: +1.10 percent
Markets were up because:
Some positive news from retailers boosted stocks just a little.
The Dow Jones industrial average rose 25 points to close at 13,275. The Standard & Poor’s 500 index rose almost three points to close at 1,418. The Nasdaq rose 14 points to close at almost 3,077.
Retail stocks rose on positive earnings and outlooks from Gap Inc. and Ann Inc., the parent of retailer Ann Taylor.
Apple hit a new high, rising almost 2 percent to $648.11.
However, declines continued for Facebook and Groupon, the online coupon company.
Facebook hit $19, half the value of its initial public offering. It closed at $19.07. Can we say at this point that the company’s IPO has been a disaster?
Groupon, the online coupon company, lost another 5 percent to close at $4.75.
The Associated Press contributed to this report.
Comments (7)
Sign In To Post Comments! Sign In
Popular Stories
Does Misstated Marathon Claim Prove Paul Ryan Is Dishonest? (POLL) 706 Comments
Paper Details Obama Admin’s Alleged Secret Note Sent to Iran: If Israel Attacks, We Won’t Get Involved 550 Comments
‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 367 Comments
This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 363 Comments
Roseanne Barr: Most Billionaires ‘Violent Pedophiles’ & ‘Heartless’ Cocaine Addicts 361 Comments
Faith
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 363 Comments
Pakistani Muslim Cleric Accused of Framing Disabled Christian Girl in Koran-Burning Case Read More- ‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 367 Comments
Meet the Controversial German Imam Accused of Brutally Beating His Wife & Pushing Sharia Law Read More
‘Self-Proclaimed Messiah’ & Unification Church Leader the Rev. Sun Myung Moon Has Died — Here’s His Life Story Read More
Business
- President Obama Issues Major ‘Green Energy’ Executive Order 281 Comments
- Germany’s Upcoming Court Ruling Will be Huge for the EU Read More
Ford Looks to Beat Toyota for Best-Selling Car in 2012 With This Model 149 Comments
Bernanke & QE3: Here’s What You Need to Know Read More- ‘Extortion’: Why Did the Labor Department ‘Drop the Hammer’ on Oregon Farmers? 302 Comments
Technology
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 363 Comments
‘TaserDrone’: Hackers Weaponize Quadcopter With Actual ‘Shocking’ Technology Read More
Ever Heard of the Wild ‘Burning Man’ Festival in the Middle of the Nev. Desert? Here’s Your Primer Read More
Stanford Develops Technology ‘Better Than Steroids’ for Athlete Recovery Read More
Have You Pretended to Know What ‘the Cloud’ Is? You’re Not Alone Read More
Submitting your tip... please wait!
Armyduderetired
Posted on August 17, 2012 at 7:28pmPlay at your own risk. The markets should come with a disclaimer. Do you really think there is such a thing as “Positive” news? If I did have money to gamble I would use it all shorting the market. Gold and Silver is where the investment is.
Report Post »Mr. H.
Posted on August 17, 2012 at 7:27pmFacebook is another .com bust. There is nothing real about the company that can hold value; it’s just an advertising platform. I dumped it because of privacy issues and security risks.
Report Post »zoro51
Posted on August 17, 2012 at 7:15pmthis is why the LEFT that facebook sided with does to stocks.. OH WELL u sleep wiht the LEFT u PAY DEARLY mark zuccerberg.. THOU FOOL
Report Post »tbo
Posted on August 17, 2012 at 6:59pmI think the Facebook stock should be valued at $6 to at most $10 per share. Zuckerberg and everyone involved with the IPO and those who cashed out to become an instant Billionaire (especially that POS that denounced his US citizenship) should be prosecuted and jailed for fraud. They are no better than Bernie. I think it was intentionally priced at the bloated IPO price when they knew full well that it was not worth the price, they didn’t have the revenue to support the price so that the top took their cash and watched the value go down. How could Facebook have a valuation greater than McDonalds or Disney? Facebook doesn’t sell anything. They have no product. Their revenue is advertisement based. Billions have been lost by investors. Maybe Soros can purchase all the rest of the shares and use it as a propaganda tool. Oh it already is.
Report Post »Rational Man
Posted on August 17, 2012 at 6:10pmI’m glad facebook is “bombing”.
About 98% of my wall and everything else is Chistian related. Without any explanation, facebook put me on probation for 30 days and blocked my ability to “like” anything. I can‘t show my support for the things I’m interested in, vote on things I like or anything else you can use “like” for. Very frustrating! If it wasn’t for the information I get from Christian organizations that I like, I would drop them today.
Report Post »Rothbardian_in_the_Cleve
Posted on August 17, 2012 at 5:49pmVolume was small….again. Only reporting the indexes tells only half the story. Retail sales have to be taken with a grain of salt seeing as how real incomes continue to fall. It looks as though some seasonality issues and extra shopping weekend in July helped drive some of the positive variance (despite the forecasts). So long as incomes decline on a real basis and customers A) deleverage and B) credit availability remains somewhat tight…topline growth remains limited and certainly not without coupled margin reductions to get it. Prediction: Q4 is going to be rough for retailers YoY even though last year was poor as well.
Report Post »watersRpeople
Posted on August 17, 2012 at 5:36pmThere should be good retail reports, some of the retail stores are practically giving clothes away.
Report Post »