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Richard's Thoughts On Optimism

Daily Recap

Following yesterday's somewhat schizoid market in the US, overseas exchanges sold off today. The Asia Dow fell 0.64% and Europe's STOXX 600 dropped 1.04%, with virtually every major exchange losing ground on those two continents. In the Americas, markets are evenly split: Mexico and Canada down moderately, with Chile and Brazil up moderately.

Despite decent US economic news (growth was 2.6%, in line with expectations), it was earnings that moved the markets.  Amazon's weak earnings dragged it lower, and the NASDAQ followed.  Disappointment with lack of progress on health care was also cited as lending a bit of funk to the day's trading.  

The dollar gave back yesterday's gains, finishing at 93.31. Bids dominated the US bond market as prices moved somewhat higher. The 10-year note's yield ended the week at 2.293%.

The precious metals liked the lower dollar, as gold rallied to $1269, up $10. Silver rose 16 cents/oz. to $16.77, and ... Log in or subscribe to continue reading.


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