Market Recap: Stocks Fall With Philly Fed
Bears thrive on the Fed's manufacturing report.
Stock futures pointed to a strong opening early in the morning but screens quickly turned red after the Philadelphia Fed Index showed a bigger than expected drop. The index which measures business activity in the region showed a -24 reading vs. economist expectations of -10.0. Further the index of leading economic indicators added to recession fears showing a decline of -0.1%. Get Professor Kevin Depew's economic insight in today's Five Things You Need To Know.
The financial sector was one of the first groups to decline. Toddo noted in his morning column the performance of Goldman Sachs (GS) as usual being "the tell of all tells." GS closed -1.17% to $175.17. Other red beans included Wachovia (WB) -2.14% to $33.35, Lehman Brothers (LEH) -2.26% to $54.14, and Credit Suisse (CS) -3.17% to $47.72. Read his article Get Ready For A Massive Move. Also check out Professor Bennet Sedacca's article Pain in the ARS.
Homebuilders were also victims in the carnage. Those stocks were led by Standard Pacific (SPF) -5.18% to $4.03. Lennar (LEN) fell -4.1% to $18.40. and Meritage Homes (MTH) fell -4.7% to $14.80. Check out Professor Mike Mish Shedlock's column More Misguided Housing Plans.
Commodities were mostly higher. Crude fell -1.62 to 98.08. Gold moved to new highs settling +12.10 to 946.70. Silver added +0.060 to 17.820, and Copper gained +10.50 to 381.05.
The dollar index fell -0.538 to 75.574. Noting the general weakness in today's session, Toddo said "The fact that this is happening with the dollar appreciably lower is perhaps the most disconcerting aspect of it all. Interesting times indeed." Read Professor Fil Zucchi's column Could Dollar Rally On EU Woes?
For more summaries, click on Minyanville's Buzz Bits.
Below is a recap of some of the idea flow on today's Buzz & Banter. Please note that stocks may appear in both bullish and bearish categories, due to long and short term trades by our many Minyanville professors.
Some bullish trade or investment ideas: e-SPH, STV, SPX, CAT, SGR, MICC, ARII, TXCO, KGC, AEM, ABX, GFI, Gold
Some bearish trade or investment ideas: PCU, GOLD, GOOG, BIDU, ITRI, AAPL, AEM, Dollar
It's practically Friday! Have a great night!
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter