Dovish Affirmation From Bernanke Boosts S&P to New All-Time Highs
Today's financial recap and tomorrow's financial outlook.
Precious metals were the top performer today. Gold rallied 2.98% to $1,283 an ounce. Crude oil finished 1.67% lower on the day at $104.74. The 10-year yield dropped 5 bps to 2.57%.
US jobless claims unexpectedly rose to a two-month high of 360,000. The consensus estimate was for 340,000 claims. US export prices rose 0.1% in the month of June. Import prices saw month-over-month change of -0.2% versus the 0.1% consensus. The June US monthly budget surplus was $117 billion, which was its highest level since 2008.
European indices rose across the board after Chairman Bernanke's speech. The FTSE 100 (INDEXFTSE:UKX) finished the day up 0.59%. The Hang Seng Index (INDEXHANGSENG:HSI) was up 2.55%.
The Progressive Corporation (NYSE:PGR) released earnings of $0.54 per share versus the $0.41 consensus. Shares traded down 1.5% after the release.
Tomorrow's Financial Outlook
European Union industrial production will be released at 5:00 a.m. EDT.
The June US producer price index will be released at 8:30 a.m. EDT tomorrow. The consensus is to see year-over-year change of 2.1%, up from 1.7% the month prior. The first estimate of the July University of Michigan consumer sentiment index is expected to come in at 84.7 from last month's 84.1.
iGATE Corporation (NASDAQ:IGTE), Infosys Ltd ADR (NYSE:INFY), JPMorgan Chase & Co. (NYSE:JPM), Webster Financial Corporation (NYSE:WBS), and Wells Fargo & Co (NYSE:WFC) will all be reporting earnings tomorrow.
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