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S&P 500 Closes Above 2,000 For First Time
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Global markets continued to march higher again today as more forecasters upgraded their calls for easing at the ECB meeting next Thursday. JPMorgan followed Nomura's call yesterday for a rate cut to make the new long-term loans provided by the ECB more appealing for banks. The S&P 500 (SPX) closed above 2000 for the first time by a scant four pennies. Energy stocks put in another strong performance today - the best sector in the index. Trading volumes continue to be light. The prior two days of trading on the NYSE were the lowest non-holiday sessions of the year by a wide margin and today only barely surpassed those levels.

Burger King (BKW) announced the final terms for its $11.4 billion acquisition of Tim Horton's (THI). The new company would be headquartered in Canada to avoid US corporate tax laws. Members of Congress were not thrilled with this evolution and had some choice words to say about the deal. Warren Buffett provided $3 billion in preferred financing at a 9% rate. The rest of the deal was closed in cash and common BKW stock.

July durable goods orders rose 22.6% from the prior month thanks to the largest single month change in aircraft orders. Last month the Farnborough airshow in the UK featured a record number of aircraft orders for Boeing and Airbus, and it was reflected in this month's report. Economists had been expecting a gain of 8%.The prior month's 0.7% gain was revised up following the Commerce Department's quarterly revision. After excluding these orders, durables fell 0.8% versus +0.5% expected. The Conference Board gauge of consumer confidence rose to 92.4 (versus 89.0 expected) the highest its been since late 2007.

Tomorrow's Financial Outlook

There are no major US economic reports scheduled for tomorrow in the US. The MBA will release its weekly index of mortgage applications in the morning. In the early afternoon the Treasury will sell $13 billion of 2-year floating-rate and $35 billion 5-year notes.

The only economic events on the calendar for the rest of the world is the German GfK household consumer confidence survey and a similar one from MNI in China. In conjunction with the rising tensions between the EU and Russia, where Germany is the most economically exposed, confidence is expected to drop.

Earnings tomorrow are mostly from retailers. Express (EXPR), Michaels Co (MIK), Lannett (LCI), Workday (WDAY), and Tiffany's (TIF) will report.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
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No positions in stocks mentioned.

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.

S&P 500 Closes Above 2,000 For First Time
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Global markets continued to march higher again today as more forecasters upgraded their calls for easing at the ECB meeting next Thursday. JPMorgan followed Nomura's call yesterday for a rate cut to make the new long-term loans provided by the ECB more appealing for banks. The S&P 500 (SPX) closed above 2000 for the first time by a scant four pennies. Energy stocks put in another strong performance today - the best sector in the index. Trading volumes continue to be light. The prior two days of trading on the NYSE were the lowest non-holiday sessions of the year by a wide margin and today only barely surpassed those levels.

Burger King (BKW) announced the final terms for its $11.4 billion acquisition of Tim Horton's (THI). The new company would be headquartered in Canada to avoid US corporate tax laws. Members of Congress were not thrilled with this evolution and had some choice words to say about the deal. Warren Buffett provided $3 billion in preferred financing at a 9% rate. The rest of the deal was closed in cash and common BKW stock.

July durable goods orders rose 22.6% from the prior month thanks to the largest single month change in aircraft orders. Last month the Farnborough airshow in the UK featured a record number of aircraft orders for Boeing and Airbus, and it was reflected in this month's report. Economists had been expecting a gain of 8%.The prior month's 0.7% gain was revised up following the Commerce Department's quarterly revision. After excluding these orders, durables fell 0.8% versus +0.5% expected. The Conference Board gauge of consumer confidence rose to 92.4 (versus 89.0 expected) the highest its been since late 2007.

Tomorrow's Financial Outlook

There are no major US economic reports scheduled for tomorrow in the US. The MBA will release its weekly index of mortgage applications in the morning. In the early afternoon the Treasury will sell $13 billion of 2-year floating-rate and $35 billion 5-year notes.

The only economic events on the calendar for the rest of the world is the German GfK household consumer confidence survey and a similar one from MNI in China. In conjunction with the rising tensions between the EU and Russia, where Germany is the most economically exposed, confidence is expected to drop.

Earnings tomorrow are mostly from retailers. Express (EXPR), Michaels Co (MIK), Lannett (LCI), Workday (WDAY), and Tiffany's (TIF) will report.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

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.

More From Minyanville Staff
Daily Recap
S&P 500 Closes Above 2,000 For First Time
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Global markets continued to march higher again today as more forecasters upgraded their calls for easing at the ECB meeting next Thursday. JPMorgan followed Nomura's call yesterday for a rate cut to make the new long-term loans provided by the ECB more appealing for banks. The S&P 500 (SPX) closed above 2000 for the first time by a scant four pennies. Energy stocks put in another strong performance today - the best sector in the index. Trading volumes continue to be light. The prior two days of trading on the NYSE were the lowest non-holiday sessions of the year by a wide margin and today only barely surpassed those levels.

Burger King (BKW) announced the final terms for its $11.4 billion acquisition of Tim Horton's (THI). The new company would be headquartered in Canada to avoid US corporate tax laws. Members of Congress were not thrilled with this evolution and had some choice words to say about the deal. Warren Buffett provided $3 billion in preferred financing at a 9% rate. The rest of the deal was closed in cash and common BKW stock.

July durable goods orders rose 22.6% from the prior month thanks to the largest single month change in aircraft orders. Last month the Farnborough airshow in the UK featured a record number of aircraft orders for Boeing and Airbus, and it was reflected in this month's report. Economists had been expecting a gain of 8%.The prior month's 0.7% gain was revised up following the Commerce Department's quarterly revision. After excluding these orders, durables fell 0.8% versus +0.5% expected. The Conference Board gauge of consumer confidence rose to 92.4 (versus 89.0 expected) the highest its been since late 2007.

Tomorrow's Financial Outlook

There are no major US economic reports scheduled for tomorrow in the US. The MBA will release its weekly index of mortgage applications in the morning. In the early afternoon the Treasury will sell $13 billion of 2-year floating-rate and $35 billion 5-year notes.

The only economic events on the calendar for the rest of the world is the German GfK household consumer confidence survey and a similar one from MNI in China. In conjunction with the rising tensions between the EU and Russia, where Germany is the most economically exposed, confidence is expected to drop.

Earnings tomorrow are mostly from retailers. Express (EXPR), Michaels Co (MIK), Lannett (LCI), Workday (WDAY), and Tiffany's (TIF) will report.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

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.

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