Global Economic Intersection
Advertisement
  • Home
    • 카지노사이트
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
    • 카지노사이트
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result

Investing.com Weekly Wrap-Up 26 September 2014

admin by admin
September 26, 2014
in Uncategorized
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Wall Street rallies but ends lower for week

by Investing.com Staff, Investing.com

U.S. stocks ended higher on Friday, with the S&P 500 rallying back above a key technical level, but the advance was not enough to offset recent declines and majorinvesting.com-logoindexes closed out their worst week of the past eight.

The day’s gains were broad. While all ten primary S&P 500 sectors ended higher on the day, energy <.SPNY> was the top advancer, up 1.3 percent alongside a 1 percent rise in the price of crude oil .

Much of the advance came after a read on second-quarter GDP showed that the economy grew at its fastest pace in 2-1/2 years.

Equity markets have seen bigger moves of late, including a selloff on Thursday that was the S&P’s biggest one-day decline since July. In four of the past five sessions, the S&P posted a point move that was larger than its 14.6 point average over the past 250 sessions.

“It’s interesting to see this kind of rebound so quickly, but it shows you how skittish the market is, with volatility higher in both directions,” said Michael Mullaney, chief investment officer at Fiduciary Trust Co in Boston.

The S&P closed back above its 50-day moving average, which it had closed below on Thursday for the first time in more than a month. A protracted period under that level could have portended deeper losses ahead, but traders extended their recent trend of using market declines as buying opportunities. The S&P is about 1.4 percent below a record close hit earlier this month.

“Buyers are showing back up at the party,” said Mullaney, who helps oversee about $11.7 billion in assets. “The bottom line is that the outlook is still very solid, so it isn’t unusual to see traders come back in.”

The Dow Jones industrial average (DJI) rose 167.35 points, or 0.99 percent, to 17,113.15, the S&P 500 (SPX) gained 16.86 points, or 0.86 percent, to 1,982.85, and the Nasdaq Composite (IXIC) added 45.45 points, or 1.02 percent, to 4,512.19.

For the week, the Dow fell 1 percent, the S&P lost 1.4 percent and the Nasdaq shed 1.5 percent. It is the worst week for all three since the week ended Aug 1.

Nike Inc (NYSE:NKE) jumped 12 percent to $89.50 in its biggest one-day advance since October 2008. The Dow component hit a record high a day after earnings topped expectations, prompting more than a dozen brokers to raise their targets on the stock.

Micron Tech (NASDAQ:MU) jumped 6.7 percent to $33.83. It also reported better-than-expected results late Thursday.

On the downside, Universal Health Services Inc (NYSE:UHS) fell 2.4 percent to $109.03 after it agreed to buy Cygnet Health Care Ltd in a deal valued at about $335 million.

About 70 percent of stocks traded on the New York Stock Exchange closed higher on Friday, while 65 percent of Nasdaq-listed names ended in positive territory.

About 5.18 billion shares traded on all U.S. platforms, according to BATS exchange data, below the month-to-date average of 6.05 billion.

The Volatility S&P 500 index, which measures the outlook for market volatility, was down 5.31% at 14.81.

European indices, meanwhile, ended the day largely higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.57%, France’s CAC 40 rose 0.91%, while Germany’s DAX fell 0.20%. Meanwhile, in the U.K. the FTSE 100 rose 0.15%.

Forex

The dollar firmed against most major currencies on Friday after data revealed the U.S. economy grew at a healthy pace in the second quarter of this year, which fueled already growing expectations that rate hikes will come sooner than later in 2015.

In U.S. trading on Friday, EUR/USD was down 0.57% at 1.2677.

The dollar advanced after the Commerce Department said U.S. gross domestic product expanded at an annual rate of 4.6% in the second quarter, in line with the consensus forecast, after contracting by 2.1% in the first three months of the year.

U.S. second quarter GDP was initially reported to have increased by 4.2%.

The positive data fueled already growing expectations for rate hikes to kick in earlier next year than once anticipated.

On Thursday, Dallas Federal Reserve President Richard Fisher said that the U.S. central bank may start raising interest rates around the spring of 2015, earlier than many market expectations.

Separately, the Thomson Reuters/University of Michigan final consumer sentiment index remained unchanged at 84.6 this month, just shy of expectations for an uptick to 84.7.

The euro, meanwhile, continued to come under pressure after European Central Bank President Mario Draghi reiterated on Thursday the bank’s commitment to act with more policy measures to boost inflation in the euro zone.

A day earlier, Mario Draghi had already vowed to keep monetary policy “accommodative” for as long as needed, and to use every tool at the ECB’s disposal to fight deflation.

Elsewhere on Friday, data revealed that the Gfk German consumer climate index ticked down to 8.3 this month from 8.6 in August. Analysts had expected the index to slip to 8.5, and the weaker-than-expected figure softened the single currency alongside robust U.S. data.

The dollar was up against the yen, with USD/JPY up 0.51% at 109.29, and up against the Swiss franc, with USD/CHF up 0.52% at 0.9516.

The greenback was up against the pound, with GBP/USD down 0.43% at 1.6246.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.44% at 1.1157, AUD/USD down 0.25% at 0.8766 and NZD/USD down 0.71% at 0.7869.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.52% at 85.78.

Commitments of Traders data from the CFTC (Commodity Future Trading Commission) – Bearishness increased again for the euro and Japanese yen. The biggest change this week was the switch from bullish to bearish sentiment for the S&P 500.

cot-2014-sep-12

Gold

Gold futures fell on Friday after upbeat U.S. growth sent both the dollar and U.S. stock indices rising.

Gold and the greenback tend to trade inversely with one another, while the precious metal often serves as a safe-haven hedge in times of Wall Street selloffs.

On the Comex division of the New York Mercantile Exchange, goldfutures for December delivery traded at 1,215.20 a troy ounce during U.S. trading, down 0.55%, up from a session low of $1,213.00 and off a high of $1,231.70.

The December contract settled up 0.20% at $1,221.90 on Thursday.

Futures were likely to find support at $1,206.60 a troy ounce, Thursday’s low, and resistance at $1,237.00, Tuesday’s high.

Gold prices took a dive as the dollar rose after the Commerce Department said U.S. gross domestic product expanded at an annual rate of 4.6% in the second quarter, in line with the consensus forecast, after contracting by 2.1% in the first three months of the year.

U.S. second quarter GDP was initially reported to have increased by 4.2%.

The positive data fueled already growing expectations for rate hikes to kick in earlier next year than once anticipated, which would chip away at gold’s appeal as a hedge to a weaker dollar in times of low borrowing costs.

On Thursday, Dallas Federal Reserve President Richard Fisher said that the U.S. central bank may start raising interest rates around the spring of 2015, earlier than many market expectations.

Separately, the Thomson Reuters/University of Michigan final consumer sentiment index remained unchanged at 84.6 this month, just shy of expectations for an uptick to 84.7.

Elsewhere, stocks rose on Friday after investors applauded the upbeat U.S. GDP report, which took its toll on gold.

On Thursday, stocks dropped on fears Russia may give its courts the green light to freeze foreign assets, a potentially tit-for-tat move in response to Western sanctions slapped on Moscow for allegedly meddling in the Ukraine crisis.

Meanwhile, silver for December delivery was up 0.54% at $17.533 a troy ounce, while copper futures for December delivery were up 0.25% at $3.038 a pound.

Oil

Crude futures rose on Friday after data revealed the U.S. economy expanded at a healthy pace in the second quarter, while concerns U.S.-led airstrikes targeting ISIS insurgents in the Middle East will disrupt oil exports pushed up prices as well.

In the New York Mercantile Exchange, West Texas Intermediate Crude oil for delivery in November traded up 0.69% at $93.17 a barrel during U.S. trading. New York-traded oil futures hit a session low of $92.24 a barrel and a high of $93.32 a barrel.

The November contract settled down 0.29% at $92.53 a barrel on Thursday.

Nymex oil futures were likely to find support at $90.41 a barrel, Monday’s low, and resistance at $94.12 a barrel, the high from Sept. 16.

Oil prices rose on sentiments that an expanding U.S. economy will consume more fuel and energy.

The Commerce Department reported earlier that U.S. gross domestic product expanded at an annual rate of 4.6% in the second quarter, in line with the consensus forecast, after contracting by 2.1% in the first three months of the year.

U.S. second quarter GDP was initially reported to have increased by 4.2%.

Separately, the Thomson Reuters/University of Michigan final consumer sentiment index remained unchanged at 84.6 this month, just shy of expectations for an uptick to 84.7, though not soft enough to seriously dampen spirits in energy markets.

Geopolitical events pushed up crude as well.

Reports that a U.S.-led airstrikes targeting ISIS position have hit oil facilities in Syria pushed up prices by fueling fears exports from the region will be affected, especially if Iraqi oilfields are affected.

Still, oil didn’t surge on Friday amid ongoing sentiments that the world is awash in crude at a time where demand remains soft due to headwinds slowing Chinese and European economies, which took its toll on Brent futures.

Separately, on the ICE Futures Exchange in London, Brent oil futures for November delivery were down 0.16% at US$96.85 a barrel, while the spread between Brent and U.S. crude contracts stood at US$3.68 a barrel.

Natural Gas

Natural gas prices moved up and down on Friday after updated weather-forecasting models called for mild temperatures in the coming days, which should curb demand for both air conditioning and heating.

Trading was choppy, however, as longer-term models predicted significant cooling in the eastern U.S. later in October.

On the New York Mercantile Exchange, natural gas futures for delivery in November were up 0.39% at $4.030 per million British thermal units during U.S. trading. The commodity hit a session low of $3.970, and a high of $4.034.

The November contract settled up 1.24% on Thursday to end at $4.014 per million British thermal units.

Natural gas futures were likely to find support at $3.845 per million British thermal units, Tuesday’s low, and resistance at $4.100, the high from Sept. 17.

Natural gas futures dipped lower as markets prepped for seasonably mild temperatures to trek across the eastern U.S., though the prospects of much colder air following suit in October boosted the commodity back into positive territory in choppy trading.

Natgasweather.com reported in its midday update for Friday:

“What will be important to the markets is what happens late next week when a colder Canadian weather system tracks across the northern Rockies and towards the Midwest. It most certainly will bring a cool down where overnight lows will be near freezing and daytime highs struggle to get out of the 40s and 50s.

“This will certainly ease strong bearish weather headwinds as modest demand for heating will occur. More importantly, this will be the first real test to see just how sensitive the markets are to colder temperatures.”

A lackluster supply report allowed for choppy trading as well.

The Energy Information Administration reported on Thursday that U.S. Natural Gas Storage rose by 97 billion cubic feet last week compared to 90 billion in the week before.

Analysts had expected U.S. Natural Gas Storage to rise by 94 billion cubic feet last week.

 

Previous Post

Could There Really be such a Thing as Volcano Season?

Next Post

College Need Not Be An Expensive Racket

Related Posts

Unlocking the Future: Google's Game-Changing Move to Advertise NFT Games Starting September 15th
Business

Unlocking the Future: Google’s Game-Changing Move to Advertise NFT Games Starting September 15th

by John Wanguba
September 8, 2023
Bitcoin Is Finally Trading Perfectly Like 'Digital Gold'
Economics

Bitcoin Is Finally Trading Perfectly Like ‘Digital Gold’

by John Wanguba
August 5, 2023
Can Worldcoin Overtake Bitcoin?
Economics

Can Worldcoin Overtake Bitcoin?

by John Wanguba
August 4, 2023
Bitcoin Is Steady Above $29,000 Awaiting US NFP Figures
Economics

Bitcoin Is Steady Above $29,000 Awaiting US NFP Figures

by John Wanguba
August 4, 2023
Namibia Will Regulate And Not Ban Crypto With New Law
Finance

Namibia Will Regulate And Not Ban Crypto With New Law

by John Wanguba
July 25, 2023
Next Post

College Need Not Be An Expensive Racket

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin market blockchain BTC BTC price business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe Federal Reserve finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Archives

  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • Unlocking the Future: Google’s Game-Changing Move to Advertise NFT Games Starting September 15th
  • Bitcoin Is Finally Trading Perfectly Like ‘Digital Gold’
  • Can Worldcoin Overtake Bitcoin?

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.