Market Recap: Trading Thin as Markets Await EU Summit
- Posted on December 7, 2011 at 4:24pm by
Becket Adams
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Markets closed mixed on Wall Street today:
- Dow +0.38 percent
- S&P +0.20 percent
- Nasdaq -0.o1 percent
- Oil -0.75 percent
- Gold +0.80 percent
On the commodities front:
- Oil (NYSE:USO) remained flat at $100.52 a barrel
- Gold (NYSE:GLD) climbed to $1,745.70 an ounce
- Silver (NYSE:SLV) fell 0.58 percent to settle at $32.56
(Related: Saudi Arabia Boosts Output as EU Considers Ban on Iranian Oil)
Today’s markets were mixed because:
1) S&P: Trading was thin today as markets struggled to recover after Standard & Poor’s decision to put 15 euro nations on watch for a possible credit downgrade on Monday. News was sparse today, and though European leaders and policymakers seem to be moving toward an effective agreement on how to shore up finances, enforce strict budgetary guidelines, and boost banks’ liquidity, investors are understandably skeptical, given that leaders have agreed upon numerous “comprehensive” packages this year that quickly fizzled.
Germany’s downbeat assessment of prospects for an agreement didn’t help matters. Investors will likely remain cautious until the summit in Brussels at the end of the week.
2) Banks: Financials rallied despite Standard & Poor’s placing some of the largest rated banking groups in the euro zone on creditwatch with negative implications, adding that it could also cut credit ratings for several U.S. regional banks, including US Bancorp, PNC Financial Services, and BB&T.
Among the major U.S. banks, Citigroup was the worst performer, just tacking on 0.27 percent after announcing that it would cut almost 4,500 jobs worldwide — almost 2 percent of its workforce. Goldman Sachs, Wells Fargo, Bank of America, JPMorgan, and Morgan Stanley all climbed 2 percent to 5 percent.
3) Energy: The energy sector was the biggest drag on the market today as oil dipped below $100 a barrel mid-day after a bearish weekly oil inventory report. Peabody Energy and Halliburton were the sector’s worst performers. Still, many other oil stocks joined a late rally, with Chevron and Exxon Mobil clawing their way to modest gains after an otherwise relatively flat day of trading.
[Editor's note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]
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judyaz
Posted on December 7, 2011 at 11:12pmThis guidance given July 9, 1973, may have been for the following years, if we look at the changes in gold and silver markets afterward and consider which would have done better then. But I don’t want to interpret prophecy, or timing, but simply share words that were spoken in answer to a question in 1973.
“He asks….‘Are gold and silver coins a good investment now?’”
“We should say go unto the silver. Worry not about the gold. We should also say, provide that that you should store of foodstuff. You shall find this knowledge within the readings that shall be put at your disposal. Store of this. Then, in the time of famine, you may barter and trade, and therefore, you may have the gold and the silver and something to eat also. But provide that not only for yourself, but for others. We have made many suggestions of this type….”
Report Post »Mateytwo Barreett
Posted on December 7, 2011 at 7:10pmAh! The Euphoria of the “deal” or “bargain”! Europe is going in the toilet. NOTHING short of bankruptcy is going to clear this crap out. My stock portfolio is almost impervious to this type of volatility! I have walnut stocks, rosewood stocks, cherry strocks, tactical stocks, folding stocks (both side and underfold) custom stocks, stock stocks!
Report Post »Ookspay
Posted on December 7, 2011 at 7:18pmLOL Matey! Spot on as well.
Report Post »plastinoid
Posted on December 7, 2011 at 7:08pmYour best investment would be in God, Guns, Ammo, and Food………..and maybe a little Gold too
Report Post ».
nifongnation
Posted on December 7, 2011 at 7:56pmYep. Time to exercise our unalienable rights and remove the tyrants.
Report Post »PatrickHenryFan
Posted on December 7, 2011 at 5:36pmSo why are you wasting your time here when you can be making so much money
Report Post »Ookspay
Posted on December 7, 2011 at 5:26pmExpect a collapse around December 20th. They are now simply buying time and moving assets. First the Euro, then the Eurozone soon thereafter.
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