Market News The major U.S. averages started the new trading week on an upbeat note, but the bulk of the action on Monday took place at the start of the session. The S&P 500 rose 0.5% with nine sectors registering gains, while the Dow Jones Industrial Average (+0.7%) outperformed. The top-weighted S&P 500 sector—technology—rallied on the back of its largest components. Apple (AAPL 96.45, +1.23), Google (GOOGL 594.26, +7.61), Facebook (FB 67.90, +1.56), and IBM (IBM 189.87, +1.87) gained between 1.0% and 2.4% to name a few Today, the Retail Sales report for June (consensus 0.7%), June import/export prices, and the July Empire Manufacturing survey (consensus 13.2) will be released at 13:30 GMT, while the Business Inventories report for May (consensus 0.6%) will cross the wires at 15:00 GMT. Also of note, Fed Chair Janet Yellen will appear before the Senate Banking Committee to provide her semiannual testimony on the economy and monetary policy. S&P 500 +7.0% Nasdaq Composite +6.3% Dow Jones Industrial Average +2.9% Asian stocks rose. With the regional index headed for a one-week high. Japan leading on a softer yen. The Nikkei 225 rose 0.8% European share-index futures retreated before Federal Reserve Chair Janet Yellen addresses U.S. lawmakers. The Japanese yen was slightly weaker after the Bank of Japan board Tuesday decided by a unanimous vote to leave the banks policy target unchanged as expected at its two-day monthly meeting. The dollar most recently traded at ¥101.59 from ¥101.55 late New York trading Monday. AUD/USD traded at 0.9371, down 0.22%, after the release of July board meeting minutes by the Reserve Bank of Australia that focused on the strong exchange rate. The euro was at $1.3617 from $1.3619 and at ¥138.35 from ¥138.28. The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.08% at 80.28. Crude-oil futures fluctuated in Asian trade Tuesday as markets considered weak demand fundamentals against political drivers of oil prices. On the New York Mercantile Exchange light, sweet crude futures for delivery in August most recently traded at $100.88 a barrel — unchanged in the Globex electronic session. Gold prices gained in Asia on Tuesday ahead of testimony from the U.S. Federal Reserve chief to Congress and continued tension in the euro zone over Portugal. Gold futures for August delivery traded at $1,310.40 a troy ounce, up 0.28%.
Posted on: Tue, 15 Jul 2014 15:19:21 +0000
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