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Metals Trading Dominate
Nov 30, 7:20 AM EST |
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| For the first time in eighteen years, gold crossed $500 per ounce. Volatile oil declined on weather report. |
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| It was a day of Metals. Gold, platinum, and copper all traded near record levels. Economic reports on housing, durable goods and consumer confidence suggested healthly economy sparking fears of inflation. Market averages closed near unchanged but yield on 10-year bond rose 4.48%. Overnight Tokyo closed down 0.4%. |
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Metals Shine
Nov 29, 3:53 PM EST |
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| Metals markets had an exceptionally successful trading day with aluminum, copper at new highs, gold and platinum breaking psychological levels. |
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| In early afternoon trading the major averages turned mixed, reflecting weakness in the Financial and Technology sectors. Stocks traded higher in morning session after two economic reports showed a jump in U.S. factory orders and a sharp rebound in consumer confidence. Consumer confidence index rose sharply to a reading of 98.9 in November after falling to a reading of 85.2 the previous month and factory goods orders sharply rose in October, up $7.1 billion. |
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Consumer Confidence Up
Nov 29, 1:29 PM EST |
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| New home sales in October were 1.424 million, up 13% from last month and up 9% from one year ago. |
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| Wall Street resumed its winning streak after two economic reports showed a jump in U.S. factory orders and a sharp rebound in consumer confidence. The Conference Bord reported that the consumer confidence index rose sharply to a reading of 98.9 in November after falling to a reading of 85.2 in October, well above expectations of an increase of 90.0. The Commerce Department reported that factory goods orders sharply rose in October, up $7.1 billion |
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October New Home Sales Up
Nov 29, 11:11 AM EST |
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| New home sales in October were 1.424 million, up 13% from last month and up 9% from one year ago. |
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| The Department of Commerce released a report which showed that new orders for durable goods rose 3.4% in October following a revised 2% drop in September. Economists had expected a much more modest increase of about 1.8%. According to a report, posted by the Conference Bord, the consumer confidence index rose sharply to a reading of 98.9 in November after falling to a reading of 85.2 in October. Economists had expected a more modest increase to a reading of 90.0. |
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Durable Goods Orders Up 3.4%
Nov 29, 9:58 AM EST |
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| Oil prices slipped below $57 a barrel after OPEC promised to keep fuel supplies steady. Gold retreated from $500. The dollar rose. |
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| Asian-Pacific benchmarks lost ground on Wall Street losses. The Nikkei rebounded from an eight-day winning streakm, ending down 0.4% European stocks were little changed at mid-day on oil and banking shares. In earnings news, United Natural Foods reported lower-than-expected Q1 earnings of 18 cents a share on 12% higher sales. SkillSoft posted Q3 earnings rise of 6 cents a share on 3% revenue, beating estimates. |
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