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Dovish Affirmation From Bernanke Boosts S&P to New All-Time Highs

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Today's financial recap and tomorrow's financial outlook.

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The S&P 500 (INDEXSP:.INX) closed at an all-time high of $1,675. Stocks jumped yesterday following Ben Bernanke's speech after the market closed. The Chairman of the Fed reiterated that accommodative monetary policy would be necessary for the foreseeable future. This was construed as dovish by the market. The SPDR S&P Homebuilders ETF (NYSEARCA:XHB) led the way up, finishing the day positive by 3.5%.

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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