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Bulls Power Through Geopolitical Tensions for a Strong Finish
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

US equities rebounded nicely from the sideways action yesterday. The S&P 500 rose just 0.3%, but still noched a new all-time closing high at 2,003,37.

More importantly, some key market areas outperformed as the bulls refused to yield to geopolitical tensions and sell risk assets.

The NASDAQ Biotechnology Index rose 1.0%, and came within a point of pushing through Wednesday's all-time high.

The Russell 2000 was also solid with a 0.7% gain.

Today's economic data was a bit mixed.

July Personal Income rose 0.2%, which was lower than the 0.3% expected. However, June's figure revised upward to 0.5% from 0.4%.

Personal Spending fell 0.1%, missing the 0.2% gain economists had forecast.

The PCE price index was in-line at 1.6%, as was the 1.5% core reading, which excludes food and energy prices.

On the positive side, the August Chicago PMI, August University of Michigan Sentiment Survey, and August ISM Milwaukee readings all came in better-than-expected.

In technology, momentum names Splunk (SPLK), Veeva Systems (VEEV), and Avago Technologies (AVGO) all staged impressive rallies after reporting strong second-quarter earnings results.

And Tesla Motors (TSLA) rose 2.2% to $269.70 after announcing a deal to build charging stations at 400 China Unicom stores throughout China.

Ukraine continued generating headlines today. Russia's Foreign Minister Sergey Lavrov said NATO satellite images showing Russian troop movements were from video games. And Russian President Vladimir Putin applauded the separatists' supposed progress in Ukraine.

World leaders including President Obama and German Chancellor Angela Merkel have both discussed increasing economic sanctions against Russia. The rhetoric could turn to reality next week at a NATO summit in Wales.

The UK government raised its terror threat level to sever, the fourth highest of its five levels. Prime Minister David Cameron cited new intelligence from Syria and Iraq, and recent terrorist events, for the move.

The geopolitical tension sent crude oil prices higher, boosting energy stocks.

Tuesday's Financial Outlook

The markets will be closed Monday in observance of Labor Day.

With the three-day weekend ahead, there's a very good chance we'll be seeing more news out of Ukraine and the Middle East.

On Tuesday, the August ISM Manufacturing and July Construction Spending reports will be released at 10:00 a.m.

There are no major earnings reports on the calendar.

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.

Bulls Power Through Geopolitical Tensions for a Strong Finish
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

US equities rebounded nicely from the sideways action yesterday. The S&P 500 rose just 0.3%, but still noched a new all-time closing high at 2,003,37.

More importantly, some key market areas outperformed as the bulls refused to yield to geopolitical tensions and sell risk assets.

The NASDAQ Biotechnology Index rose 1.0%, and came within a point of pushing through Wednesday's all-time high.

The Russell 2000 was also solid with a 0.7% gain.

Today's economic data was a bit mixed.

July Personal Income rose 0.2%, which was lower than the 0.3% expected. However, June's figure revised upward to 0.5% from 0.4%.

Personal Spending fell 0.1%, missing the 0.2% gain economists had forecast.

The PCE price index was in-line at 1.6%, as was the 1.5% core reading, which excludes food and energy prices.

On the positive side, the August Chicago PMI, August University of Michigan Sentiment Survey, and August ISM Milwaukee readings all came in better-than-expected.

In technology, momentum names Splunk (SPLK), Veeva Systems (VEEV), and Avago Technologies (AVGO) all staged impressive rallies after reporting strong second-quarter earnings results.

And Tesla Motors (TSLA) rose 2.2% to $269.70 after announcing a deal to build charging stations at 400 China Unicom stores throughout China.

Ukraine continued generating headlines today. Russia's Foreign Minister Sergey Lavrov said NATO satellite images showing Russian troop movements were from video games. And Russian President Vladimir Putin applauded the separatists' supposed progress in Ukraine.

World leaders including President Obama and German Chancellor Angela Merkel have both discussed increasing economic sanctions against Russia. The rhetoric could turn to reality next week at a NATO summit in Wales.

The UK government raised its terror threat level to sever, the fourth highest of its five levels. Prime Minister David Cameron cited new intelligence from Syria and Iraq, and recent terrorist events, for the move.

The geopolitical tension sent crude oil prices higher, boosting energy stocks.

Tuesday's Financial Outlook

The markets will be closed Monday in observance of Labor Day.

With the three-day weekend ahead, there's a very good chance we'll be seeing more news out of Ukraine and the Middle East.

On Tuesday, the August ISM Manufacturing and July Construction Spending reports will be released at 10:00 a.m.

There are no major earnings reports on the calendar.

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
Bulls Power Through Geopolitical Tensions for a Strong Finish
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

US equities rebounded nicely from the sideways action yesterday. The S&P 500 rose just 0.3%, but still noched a new all-time closing high at 2,003,37.

More importantly, some key market areas outperformed as the bulls refused to yield to geopolitical tensions and sell risk assets.

The NASDAQ Biotechnology Index rose 1.0%, and came within a point of pushing through Wednesday's all-time high.

The Russell 2000 was also solid with a 0.7% gain.

Today's economic data was a bit mixed.

July Personal Income rose 0.2%, which was lower than the 0.3% expected. However, June's figure revised upward to 0.5% from 0.4%.

Personal Spending fell 0.1%, missing the 0.2% gain economists had forecast.

The PCE price index was in-line at 1.6%, as was the 1.5% core reading, which excludes food and energy prices.

On the positive side, the August Chicago PMI, August University of Michigan Sentiment Survey, and August ISM Milwaukee readings all came in better-than-expected.

In technology, momentum names Splunk (SPLK), Veeva Systems (VEEV), and Avago Technologies (AVGO) all staged impressive rallies after reporting strong second-quarter earnings results.

And Tesla Motors (TSLA) rose 2.2% to $269.70 after announcing a deal to build charging stations at 400 China Unicom stores throughout China.

Ukraine continued generating headlines today. Russia's Foreign Minister Sergey Lavrov said NATO satellite images showing Russian troop movements were from video games. And Russian President Vladimir Putin applauded the separatists' supposed progress in Ukraine.

World leaders including President Obama and German Chancellor Angela Merkel have both discussed increasing economic sanctions against Russia. The rhetoric could turn to reality next week at a NATO summit in Wales.

The UK government raised its terror threat level to sever, the fourth highest of its five levels. Prime Minister David Cameron cited new intelligence from Syria and Iraq, and recent terrorist events, for the move.

The geopolitical tension sent crude oil prices higher, boosting energy stocks.

Tuesday's Financial Outlook

The markets will be closed Monday in observance of Labor Day.

With the three-day weekend ahead, there's a very good chance we'll be seeing more news out of Ukraine and the Middle East.

On Tuesday, the August ISM Manufacturing and July Construction Spending reports will be released at 10:00 a.m.

There are no major earnings reports on the calendar.

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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