Market Recap: Stocks Rally as U.S. Economic Data Overshadows Sovereign Debt Crisis
- Posted on November 15, 2011 at 5:58pm by
Becket Adams
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Markets closed up on Wall Street today:
- Dow +0.14 percent
- S&P +0.48 percent
- Nasdaq +1.09 percent
- Oil +1.31 percent
- Gold +0.19 percent
On the commodities front:
- Oil (NYSE:USO) climbed to $99.43 a barrel
- Gold (NYSE:GLD) up to $1,781.80 an ounce
- Silver (NYSE:SLV) rose 1.58 percent to settle at $34.56
(Related: NYPD Disbands Occupy Wall Street Camp Ahead of Massive City-Wide Demonstration)
Today’s markets were up because:
1) Europe: Stocks opened lower today as bonds yields in Europe climbed. While Italian bond yields have been climbing, reaching a euro-era record last week, it was the news that yields in neighboring Spain and France were also on the rise that worried investors today.
Yields on Spain’s 10-year bond have climbed to about 6.3 percent, and France’s bond yields are now around 3.67 percent.
2) U.S.: Markets gained ground in the afternoon as positive economic data in the U.S. temporarily overshadowed the sovereign debt crisis in Europe. Retail sales rose 0.5 percent in October, beating expectations (for what they were worth), while the New York manufacturing index unexpectedly returned to positive territory after five months in the red, and producer prices declined 0.3 percent in October following a 0.8 percent rise in September.
3) Nasdaq: The tech-heavy Nasdaq outperformed the S&P 500 and the Dow today as Apple, Intel, and Cypress Semiconductor Corp. climbed higher.
Berkshire Hathaway’s recent 13-F filing showed it had purchased Intel, while Cypress is riding the Halo effect of Buffet’s buy. Apple shares rebounded from losses last week as suppliers for its new “15-inch ultra-thin notebook model” started shipping components.
[Editor's note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]
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Rosanne Martin
Posted on November 16, 2011 at 8:08amPS Insider trading goes on all the time there. If it were us normal folks, we’d go to jail. Just like Martha Stewart did. But they made a law just for them so no jail, unless you pissed someone off. Common sense tells us that you can’t become a millonair on this job. But knowing what laws your putting through gives you a leg up on anyone else, to buy or sell. This is not what we have elected and sent these folks to Washington.
Report Post »smithclar3nc3
Posted on November 16, 2011 at 12:52pmTime to clear out D.C drag all these corrupt ******* in the street and sell off all their assets to help fill the gaint hole they put the U.S. ECONOMY IN.
Report Post »Rosanne Martin
Posted on November 16, 2011 at 8:01amWhen anyone talks about politicains, remember how it was suppose to be according to the founders.This was not suppose to be a career. It was suppose to be a service to the country. They were not to live in Washington, but in their home states so they knew what the people wanted. They were to be assembled to hear the bills and amendments, and debate them. This was not a place where fortunes are made. Its not real exciting to watch but do so, and see where money goes, and how much time is wasted on stupid stuff. It’s amazing. But you’ll know what is said and done in the senate and on the house floor.
Report Post »Bete Noire
Posted on November 15, 2011 at 7:02pmAre you serious? a +17.18 gain in the DOW is a rally? Charlie Sheen saying he needs to make a coke buy would move the market more than that.
Report Post »Thevoice
Posted on November 15, 2011 at 6:54pmNow I am even more confused ….” Retail sales rose 0.5 percent in October, beating expectations (for what they were worth), while the New York manufacturing index unexpectedly returned to positive territory after five months in the red, and producer prices declined 0.3 percent in October following a 0.8 percent rise in September” …..This is what they consider news as a Rally …And the retail sales up .0.5 is because more people eating at home ..Now will the banks be able to pay off their European loan insurances 560 billion of it ? and driving all this pretend good news ..The fed with a open window to all the large corporate credit arms …Real make believe. ….
Report Post »Snowleopard {gallery of cat folks}
Posted on November 15, 2011 at 7:00pmRemember, the media of the Progressive Propaganda machinery has to make any gains look like a success for Mr Obama, even when it is a net failure across the board. They need to fabricate their distorted truth to replace the honest truth of how bad the situation is…rightfully knowing the wrath of the American citizens awaits when the lies come out.
Report Post »lukerw
Posted on November 15, 2011 at 8:26pmThe interesting thing about Science is… a Scientist must have a Subject and something to Prove, before he researches… and this normally leads to the conclusion that he sought. The same thing applies to Stock Market investors: the Market runs on BioWaste!
Report Post »Gold Coin & Economic News
Posted on November 15, 2011 at 6:48pmWhat? A 17 point increase in the DOW is a rally, since when?
Report Post »progressiveslayer
Posted on November 15, 2011 at 7:11pmSince the medias boy was installed in the wh,have to make the Marxist look good to the gullible sheep.
Report Post »carbonyes
Posted on November 15, 2011 at 6:42pmWouldn’t quite call a + .14% on the DOW, a + .48% on the S&P and a + 1.09% on the Nasdaq a rally.
Report Post »YoungBloodNews
Posted on November 15, 2011 at 6:37pmGet your money out NOW. Buy farm land if you can, buy guns, bullets, seeds, foodstuffs, gold and silver!
Report Post »PATRIOTGRUNT
Posted on November 15, 2011 at 7:14pm@ YOUNGBLOOD You are right on . There is no limit to the amount of BS that sheepole eat. All is Well. All is quiet on the home front. No problems . We are not broke , honest. Leave your money in the banks and your 401k plans.
Report Post »Outlaw_Josey_Wales
Posted on November 15, 2011 at 7:37pmEurope is going into a recession. The decline in exported goods to europe from the united states will cause a U.S. recession.
Report Post »United States going into a recession with 9% unemployment and near 0% interest rate. At that point there is little the Federal Reserve can do to save the economy. The greatest depression will be here soon!
CulperGang
Posted on November 15, 2011 at 6:22pmWhy is this occuring when apparently our politicians are exceedingly good at balancing THEIR checkbooks quadrupling their worth while in office?
http://www.youtube.com/watch?v=G96TY5JsV-s&feature=related
This is why main street america is going to vote for the one and only honest politician.
THEY ARE ALL CRIMINALS AND NEED TO BE ARRESTED. Oh, silly me, there is no one in power and or balls enough in America to arrest these filthy rich and infamous bastid. NOT home of the free or the brave.
Report Post »