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posted on 30 September 2016 Weekly Wrap-Up 30 September 2016

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U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.91%

U.S. stocks were higher after the close on Friday, as gains in the Oil & Gas, Healthcare and Consumer Services sectors led shares higher.

At the close in NYSE, the Dow Jones Industrial Average rose 0.91%, while the S&P 500 index climbed 0.80%, and the NASDAQ Composite index added 0.81%.

The best performers of the session on the Dow Jones Industrial Average were Wal-Mart Stores Inc (NYSE:WMT), which rose 1.91% or 1.35 points to trade at 72.08 at the close. Meanwhile, Chevron Corporation (NYSE:CVX) added 1.63% or 1.65 points to end at 102.92 and Pfizer Inc (NYSE:PFE) was up 1.62% or 0.54 points to 33.86 in late trade.

The worst performers of the session were Verizon Communications Inc (NYSE:VZ), which fell 0.29% or 0.15 points to trade at 51.97 at the close. General Electric Company (NYSE:GE) added 0.29% or 0.09 points to end at 29.61 and Microsoft Corporation (NASDAQ:MSFT) was up 0.35% or 0.20 points to 57.60.

The top performers on the S&P 500 were Southwestern Energy Company (NYSE:SWN) which rose 4.89% to 13.85, EQT Corporation (NYSE:EQT) which was up 4.44% to settle at 72.64 and Rockwell Automation Inc (NYSE:ROK) which gained 4.22% to close at 122.06.

The worst performers were Cognizant Technology Solutions (NASDAQ:CTSH) which was down 13.25% to 47.71 in late trade, Endo International PLC (NASDAQ:ENDP) which lost 3.73% to settle at 20.15 and Wynn Resorts Limited (NASDAQ:WYNN) which was down 3.15% to 97.42 at the close.

The top performers on the NASDAQ Composite were Erickson Air-Crane Inc(NASDAQ:EAC) which rose 81.49% to 0.671, Nova Lifestyle I (NASDAQ:NVFY) which was up 45.20% to settle at 3.630 and Chinanet Online Holdings Inc (NASDAQ:CNET) which gained 28.57% to close at 1.8000.

The worst performers were Threshold Pharmaceuticals Inc (NASDAQ:THLD) which was down 42.58% to 0.6775 in late trade, Delcath Systems Inc (NASDAQ:DCTH) which lost 28.41% to settle at 2.4700 and CalAmp Corp (NASDAQ:CAMP) which was down 14.99% to 13.95 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 2240 to 917 and 76 ended unchanged; on the Nasdaq Stock Exchange, 1820 rose and 683 declined, while 101 ended unchanged.

Shares in Cognizant Technology Solutions (NASDAQ:CTSH) fell to 52-week lows; falling 13.25% or 7.29 to 47.71. Shares in Rockwell Automation Inc (NYSE:ROK) rose to 52-week highs; gaining 4.22% or 4.94 to 122.06. Shares in Nova Lifestyle I (NASDAQ:NVFY) rose to 52-week highs; rising 45.20% or 1.130 to 3.630. Shares in Delcath Systems Inc (NASDAQ:DCTH) fell to 5-year lows; losing 28.41% or 0.9800 to 2.4700.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 5.85% to 13.20.

Gold for December delivery was down 0.40% or 5.35 to $1320.65 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November rose 0.33% or 0.16 to hit $47.99 a barrel, while the December Brent oil contract rose 0.34% or 0.17 to trade at $49.98 a barrel.

EUR/USD was up 0.19% to 1.1240, while USD/JPY rose 0.34% to 101.37.

The US Dollar Index was down 0.04% at 95.39.

Read additional news from Reuters at


The dollar pared gains against the other major currencies on Friday, pulling back from a one-and-a-half week high although the release of globally positive U.S. economic reports lent some support.

In a revised report, the University of Michigan said its consumer sentiment index hit 91.2 in September, up from a previous estimate of 89.8 and beating expectations for a reading of 90.0.

Data also showed that the Chicago purchasing managers’ index rose to 54.2 this month from 51.5 the previous month, exceeding expectations for an uptick to 52.0.

The reports came after the U.S. Commerce Department said personal spending was unchanged in August from the prior month, below expectations for a 0.1% rise, and compared to a 0.4% gain in July.

EUR/USD was little changed at 1.1218, off lows of 1.1153 hit earlier in the session.

Official data on Friday showed that the euro zone’s consumer price inflation rose by a 0.4% this month, in line with forecasts and following a final reading of a 0.2% advance in August.

Core CPI, which excludes food, energy, alcohol, and tobacco costs, increased by 0.8% in September, compared to expectations for a 0.9% gain and the previous month’s 0.8% increase.

USD/JPY gained 0.30% to 101.32, after hitting a one-week high of 101.86 on Thursday.

The pound was steady, with GBP/USD at 1.2973, not far from last week’s one-month low of 1.2912, while USD/CHF climbed 0.52% to 0.9711.

The U.K. Office for National Statistics reported on Friday that gross domestic product rose 0.7% in the second quarter, up from a previous estimate of 0.6% and compared to expectations for 0.6%.

However, on an annual basis, U.K. GDP increased 2.1% in the second quarter, up from a previous estimate of 1.9% but below expectations for a growth rate of 2.2%.

The Australian and New Zealand dollars were stronger, with AUD/USD up 0.33% at 0.7659 and with NZD/USD rising 0.23% to 0.7271.

Elsewhere, USD/CAD slipped 0.26% to trade at 1.3110 after Statistics Canada said the country’s GDP rose 0.5% in July, exceeding expectations for a 0.3% uptick and following a growth rate of 0.6% the previous month.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down slightly at 95.39, after rising to the highest level since September 21 earlier in the session.

CTFC Commitment of Traders

This week speculators were more bullish on the yen and more bearish on the pound sterling. The Canadian dollar turned from bullish to bearish and bullishness decreased on the S&P 500.

Note: This data closes on Wednesday so the last two days of trading are not reflected. There were was very little change in investor sentiment this week.



Gold prices were little changed on Friday, as mixed U.S. data released on Friday weighed on the dollar and as sustained concerns over the European banking sector pushed traders to turn to safer assets.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up -% at $1,338.65.

The December contract ended Thursday’s session 0.17% higher at $1,326.00 an ounce.

Futures were likely to find support at $1,314.70, Thursday’s low from September 9 and resistance at $1,330.65, Wednesday’s high.

Investors awaited the release of U.S. personal spending and consumer sentiment data, as well as report on manufacturing activity in the Chicago area for further indications on the strength of the economy.

Gold prices had strengthened after data on Thursday showed that U.S. pending home sales fell 2.4% last month, missing expectations for an increase of 0.3%.

The report came shortly after official data showed that the third estimate of U.S. second quarter gross domestic product showed growth of 1.4%, revised from the previous reading of a 1.1% expansion.

Another report showed that U.S. initial jobless claims increased by 3,000 to 254,000 last week, compared to expectations for a 9,000 rise.

Meanwhile, demand for the safe-haven metal also remained supported amid ongoing concerns over the health of Deutsche Bank (DE:DBKGn) following reports trading clients had withdrawn excess cash and positions held in the largest German lender due to recent sanctions

Elsewhere in metals trading, silver futures for December delivery were steady at $19.188 a troy ounce, while copper futures for December delivery slipped 0.14% to $2.187 a pound.


Oil retreated Friday as investors weighed up the import of OPEC’s agreement to cut output.

U.S. crude was down 52 cents, or 1.09%, at $47.31 at 07:00 ET, while Brent crude fell 1.22% to $49.20.

Doubts are emerging as to the extent to which the cut in output to 32.5-33 million barrels per day agreed by OPEC in Algiers this week can be effectively implemented. There are also doubts about how much of a dent the proposed cut of some 700,000 barrels can make on the global glut.

There are also concerns that the strong gains in oil sparked by news of the accord could lead to an increase in U.S. shale output.

Baker Hughes U.S. rig count data are due out later in the session.

The dollar index was up 0.36% as the euro fell on concerns about banks sparked by Deutsche Bank (DE:DBKGn)'s troubles. A stronger dollar depresses demand for oil.

See also the later report from Reuters at OPEC oil output hits record on Iraq, Libya boost: Reuters survey.

Natural Gas (Thursday Report)

U.S. natural gas futures revered losses on Thursday morning, turning higher after data showed that natural gas supplies in storage in the U.S. rose less than expected last week.

Natural gas for delivery in November on the New York Mercantile Exchange inched up 0.8 cents, or 0.27%, to trade at $3.013 per million British thermal units by 10:34AM ET (14:34GMT). Futures were at around $2.962 prior to the release of the supply data.

On Wednesday, futures dropped to $2.944, a level not seen since September 15.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 49 billion cubic feet in the week ended September 23, below expectations for an increase of 55 billion cubic feet.

That compared with a gain of 52 billion cubic feet in the preceding week, 96 billion a year earlier and a five-year average build of 97 billion cubic feet.

Total U.S. natural gas storage stood at 3.600 trillion cubic feet, 2.5% higher than levels at this time a year ago and 6.1% above the five-year average for this time of year.

Gas futures have made a dramatic recovery in recent months, rising nearly 50% since hitting a 20-year low of $1.611 in early March, as an unusually warm summer helped trim a supply surplus that was weighing on prices.

Despite the recent rally, gains are likely to remain limited as traders react to the reality that higher summer demand for the commodity is coming to an end.

Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning.

But with autumn having started on September 22, power burns to feed air conditioning demand have probably peaked for now, market analysts said.

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