Doves Still Flying, Fitbit Surges in First Day Trading
Today's financial recap and tomorrow's financial outlook.
Today at T3 Live
Jeff Cooper, author of The Daily Market Report, had a successful day trade in Anacor Pharmaceuticals (ANAC) today. Jeff entered a pilot position around $70.75 and sold a piece for $74.70, locking in a nice gain.
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Markets continued their rally today following Yellen's dovish turn yesterday.
The S&P 500 rallied 1.0% today, while the NASDAQ Composite and Russell 2000 reached new all-time highs.
Economic data came in mixed.
Current account balance for Q1 beat expectations, while CPI data missed across the aboard.
The weak CPI data could support even more dovishness on the part of the Fed, which has been frustrated by sluggish inflation trends.
Jobless claims were better than expected, and were the Philadelphia Fed Business Outlook and Leading Index.
Oil prices were up as the dollar fell against some major currencies.
Biotech climbed to new record highs today. The S&P Biotech ETF (XBI) hit $252.80 while the NASDAQ Biotechnology ETF (IBB) reached $378.36. Both finished up around 3%.
Nearly all sectors finished up today. Only the energy sector finished red.
Fitbit (FIT) rallied 98% on its first day of trading. The IPO priced at $20 and it opened at $31.40 before closing at $29.68.
Ambrella (AMBA) inched up to a new all-time high of $128.06 as its short squeeze continues.
European markets finished up today. Germany's DAX surged 1.1%, while Britain's FTSE rallied 0.4%, and France's CAC gained 0.3%.
European bond yields fell slightly.
Asian markets gave back yesterday's gains. The Nikkei closed down 1.1%, the Hong Kong Hang Seng Index lost 0.2%, and the Shanghai Composite tumbled 3.7%.
Friday's Financial Outlook
US economic news for tomorrow will include the Fed's Mester Speech in Pittsburgh, and the Baker Hughes US Rig Count.
Overseas news will include Japan's All Industry Activity Index, the European Finance Ministers Meeting, the Euro-Zone Current Account, and the Canadian Consumer Price Index.
CarMax (KMX) and KB Home (KBH) will be reporting earnings before the open.
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