YAHOO [BRIEFING.COM]: Equity markets were
quiet for the duration of today's trading session. The Nasdaq opened slightly positive before a
disappointing report from the
In Europe, major indices finished on their highs as final hour buying pushed
both
The European rally failed to extend into the
Low volume was the day's storyline with just over 650 million shares traded on
the
The
Major financials traded in-line with the broader
market. Down 2%, JPMorgan Chase
(JPM 36.14, -0.75) was the outlier after being downgraded from ‘Buy' to ‘Hold'
by Deutsche Bank.
Insurer Loews
(L 39.54, -2.16) ended down 5.2% following a disappointing earnings report.
Today's decline brought it to a level not seen since last month.
Sprint Nextel (S 4.51, +0.20) continued
its advance after earnings exceeded market expectations. The stock finished up
4.6%, and was one of the S&P 500 leaders.
Shaw Group (SHAW 41.49, +14.80) gained
55% after the firm was acquired by Chicago Bridge
& Iron Company (CBI 34.94, -5.76). CB&I will pay a
total of $3 billion or $46 per share of Shaw. Shares of CB&I were down 14%
in the wake of acquisition news. Shaw Group also received a downgrade from UBS
after the transaction was announced.
The dollar index advanced almost 0.3%. At 82.90, it tested support levels
dating back to early June. The greenback's strength was most apparent against
the euro, up more than 0.5% at 1.2255.
Crude oil fell for the first time in five days as the dollar gained strength.
The energy component briefly pushed into positive territory to a floor session
high of $90.34 per barrel in morning action, but tumbled back down into the
red. It touched a session low of $89.33 and settled with a 0.4% loss at $89.80.
Crude oil fell for the first time in five
sessions as the dollar gained strength. The energy component briefly pushed
into positive territory to a floor session high of $90.34 per barrel in morning
action but tumbled back down into the red. It touched a session low of $89.33
per barrel and settled with a 0.4% loss at $89.80 per barrel.
Conversely, natural gas spent its entire pit session climbing higher, brushing a
new 6 month high of $3.23 per MMBtu for the September
contract. It settled just below that level at $3.21 per MMBtu
or 5.9% higher.
Gold came off its pit session low of $1617.60 per ounce and climbed out of
negative territory in morning action. It touched a session high of $1626.50 per
ounce but lost steam moments later and spent the remainder of floor trade
chopping around near the break-even level. The yellow metal ultimately settled
0.1% higher at $1624.20 per ounce. Silver, on the other hand, spent its entire
pit session in the black. Although it pulled-back slightly into a consolidative
pattern after climbing to a session high of $28.11 per ounce, it managed to
book a gain of 1.9% as it closed at $28.02 per ounce.
Tuesday will bring a full slate of economic data. Personal income and spending
will be released at 8:30 AM ET while the S&P Case-Shiller
20-city Index will hit the wires at 9 AM ET. In addition,