<img src="/images/nav_ra.png" />

A / A / A

Global Market Wrap-Up - August 23, 2013

Friday, August 23, 2013
By: 
Mark Hanna
U.S. stocks continued a rally from very oversold conditions as bad news in the economic sphere led some to believe there is no reduction in quantitative easing anytime soon, which perversely rallies stocks most of the time. Further, some big moves in precious metals would support the idea that money printing will not slow down. The S&P 500 gained 0.4% and the NASDAQ 0.5%. Microsoft (MSFT) was a huge mover today as it announced its long time CEO would be exiting the company in a year; the stock was up over 7%. The 10 year Treasury rallied on the bad economic data, pushing yields down to 2.81%.
  • Sales of new single family homes fell by 13.4% in July to an annual rate of 394,000 units, well below expectations of 490,000 units.
Oil gained 1.3% to $106.42, gold added 1.8% to $1395.80, while silver surged 3.05% to $23.74. This is a 11 week high in gold.

British stocks gained 0.7%, German stocks 0.2%, and French stocks 0.25%.
  • Germany's second quarter gross domestic product grew 0.7%, confirming an earlier estimate, while the U.K.'s GDP growth was revised upward to 0.7%, versus expectations of 0.6%.
  • Consumer confidence in the 17 countries using the euro rose to -15.6 points in August, from -17.4 points in July, beating market expectations.
Japan's market gained 2.2%, while China's dropped 0.5%. The dollar rose to a three-week high at 98.9 yen, helping Japanese exporters.