Market Recap: Stocks Flat Despite Positive Housing Report
- Posted on February 27, 2012 at 6:00pm by
Becket Adams
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Markets closed mixed on Wall Street today:
▼ Dow -0.01 percent
▲ S&P +0.14 percent
▲ Nasdaq +0.08 percent
▼ Oil -1.80 percent
▼ Gold -0.43 percent
On the commodities front:
▼ Oil (NYSE:USO) fell to $107.79 a barrel
Precious metals:
▼ Gold (NYSE:GLD) fell to $1,768.70 an ounce
▲ Silver (NYSE:SLV) rose 0.20 percent to settle at $35.49
(Related: U.S. Student Debt Load Burgeons to $867B)
Today’s markets were mixed because:
1) Housing: More Americans signed contracts to buy homes last month as the economy added jobs at a quicker pace, home prices continued to fall, and borrowing costs remained near record lows. Pending home sales were up 2 percent in January after a 1.9 percent decrease the previous month that was smaller than originally estimated, the National Association of Realtors said today in Washington.
2) Europe: All three indexes started in the red today after global financial ministers said over the weekend that European Union leaders need to strengthen their own financial firewalls before other nations agree to back more money for the International Monetary Fund. However, stocks got a boost after the German Parliament approved the nation’s contribution to a Greece’s second 130 billion-euro bailout, as expected. Finland and the Netherlands are also expected to back the bailout this week.
3) Companies: Transocean booked a $6.1 billion loss, though mostly on one-time charges, including a $1 billion estimated loss on the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, but shares were up today because the company reported an 11 percent jump in revenue during the last quarter, beating expectations. Motorola Solutions shares were also up after it said it bought back $1.2 billion in stock from activist investor Carl Icahn and affiliates.
[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]
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TemayElbor
Posted on February 27, 2012 at 9:24pmIt seems that “STOCKS” have a mind of their own, they can discern if the purportedly “positive housing report” is manipulated or not.
“A POSITIVE HOUSING REPORT…..?????????? “That’s a BIG BALONEY……….” the flat STOCKS seem to say……beware of the economic lies thrown your way.
AND PRICE OF GAS is $ 4.29 a gallon (CHEVRON) as of Feb.27,2012 -Regular Unleaded?????? THERE GOES AMERICA’S ECONOMIC RECOVERY…….
Report Post »Wigglesworth
Posted on February 27, 2012 at 9:06pmA warm winter and low prior year comps should have meant a blockbuster home sales report. Hmmmm
Report Post »leftcoastslut
Posted on February 27, 2012 at 7:45pmthe stock market is like is like the funhouse at the local fair,it is all smoke and mirrors. the market’s value is manipulated, in order to sucker more money in, you know gott’cha.
Report Post »seeker9
Posted on February 27, 2012 at 8:00pmIt’s the only place you can get a return. Sure can’t get anything at a bank. I’ll take 5-6% any time over the bank.
Report Post »1casawizard
Posted on February 27, 2012 at 8:27pm@LCS. You are right. I think they pump up the market then sell off at the same time dropping it again. It does seem like the market is being manipulated.
Report Post »hatchetjob
Posted on February 27, 2012 at 6:37pmI think it’s the lull before the storm.
Report Post »seeker9
Posted on February 27, 2012 at 6:16pmCheck out PCLN (PriceLine). Up $39! Missed this one.
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