Themajor US equity indices closed lower Wednesday after gold fell nearly 5% as concerns over Europe still keep the market in the red. Gold fell below the $1600 level for the first time in nearly three months, settling in at $76.20 an ounce. The decline blew the yellow metal past some long-held technical levels, which then exacerbated the selloff. Sliver futures closed down 7% and copper lost nearly 5%. And, the regulatory arm of CME Group (NYSE:CME) turned over interviews to the Justice Department that allege that former MF Global head Jon Corzine knew that the now-bankrupt firm used customer money to lend to a European affiliate.
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Themajor US equity indices closed higher Tuesday on news of a better than expected report on retail sales. The Commerce Department reported Tuesday retail sales grew by a half a percent in October, giving investors a positive outlook on the US economy. Overall sales increased 0.6 percent, the best growth since March. The median forecast by economists surveyed by Bloomberg News was a rise of 0.3 percent.
Themajor US equity indices closed higher Monday as investors kept a close eye events in Europe. Italian borrowing costs rose amid unconfirmed reports that Prime Minister Silvio Berlusconi might be forced to step down if he doesn’t win majority backing in a key budget vote. Greek Prime Minister George Papandreou agreed to step down on Sunday. European finance ministers plan to meet and work out a strategy for raising the region’s rescue fund. In corporate news, Dish (NASDAQ:DISH) reported Q3 EPS of $0.71, missing analyst estimates of $0.73 per share.
Themajor US equity indices closed mixed Friday following two days of rallying as investors turned a cautious eye to events in Europe. The Commerce Department reported consumers’ spending rose 0.6% in September, after a 0.2% rise in August. Incomes rose 0.1% during the month, after falling 0.1% the prior month. In corporate news, Merck (NYSE:MRK) reported Q3 earnings, posting EPS of $0.94, beating analyst estimates for $0.91.
Themajor US equity indices closed mixed Thursday following some positive news from Europe. The Federal Reserve Bank of Philadelphia reported that manufacturing in the Philadelphia region showed signs of recovery in October. The index rose to 8.7 in October from negative 17.5 in September, which is the first positive reading in three months. The National Association of Realtors said sales of existing homes fell 3% in September, which reflects continued hard times in the housing market.
Themajor US equity indices are trading higher Friday following a strong retail sales report. The Commerce Department reported a 1.1% increase in retail sales for September, September retail sales jumped 1.1% due to higher purchases of autos, clothing, and home furnishings, the largest increase in seven months. Consumers also spent greatly last month on clothing as children went back to school and stores changed over to fall and winter clothing. Apparel sales rose 1.3%, the largest increase in seven months. In corporate news, Google (NASDAQ:GOOG) shares closed 5.85% higher after the company reported better-than-anticipated sales for Q3.
Themajor US equity indices closed mixed Tuesday as investors kept close eye on events in Europe while looking ahead to the start of Q3 earnings season. Bank regulators introduced the controversial Volcker rule, a measure that may end up costing big banks billions of dollars and force them to stick with a wide variety of trades for at least two months. New York State controller Thomas P. DiNapoli predicted that the securities industry in New York City could lose about 10000 jobs by the end of next year and also added that bonuses are likely to be lower this year. Goldman Sachs (NYSE:GS) said it may cut 1000 jobs or more, and Credit Suisse (NYSE:CS) and Barclays (NYSE:BCS) also have announced lay offs along with Bank of America announced plans to lay off 30000 workers.
Themajor US equity indices closed higher Wednesday following a better than expected ADP report. The ADP reported US companies added 91000 jobs in September, after an 89000 gain the month before. The ISM reported its gauge of US service industries fell to 53 last month from 53.3 in August. A reading above 50 indicates expansion. In corporate news, After an announcement that Microsoft (NASDAQ:MSFT) is considering a bid for Yahoo (NASDAQ:YHOO), shares of the Internet media company closed over 10% higher to $15.92, the company’s highest level in almost three months.
The major US equity indices closed lower Monday on continued concerns over Greece’s debt concerns, despite a better-than-expected report on strong US manufacturing activity The ISM said its manufacturing index rose to 51.6% in September from 50.6% in August. Economists had expected the index to be unchanged. The Commerce Department reported spending for construction projects rose 1.4% in August.