Market Recap 08/26/15: Wall Street stocks rallied on Thursday, with major indexes up more than 2 percent as a strong read on U.S. economic growth offset continued concerns over the pace of growth in China. The day’s gains were broad, with sectors rising across the board and commodities rebounding as well. Crude oil surged 10 percent. The GDP report comes …View full post
Market Recap 08/26/15: U.S. stocks jumped on Wednesday, with major indexes posting their best one-day advance in four years. The rally snapped a six-day losing streak, however, one driven by slowing growth in China and that country’s plummeting stock market. The rally came after New York Fed President William Dudley said that the prospect of …View full post
Market Recap 08/25/15: U.S. stocks closed lower on Tuesday as a strong initial rally was dramatically reversed in afternoon trading. Wall Street opened sharply higher after the People’s Bank of China cut interest rates and made it easier for banks to lend, measures designed to stabilize the country’s plummeting stock market, but concerns soon grew that …View full post
Market Recap 08/24/15: U.S. stocks suffered their worst one-day decline in four years on Monday, with the S&P 500 formally entering correction territory as weakness in China’s market continued to drag down Wall Street. Volatility was extremely high, with the Dow Jones industrial average at one point plummeting more than 1,000 points for its …View full post
Market Recap 08/21/15: U.S. stocks fell sharply on Friday, with major indexes suffering their worst one-day percentage decline since 2011 on continued fears over a slowdown in China. Wall Street moves have been largely dictated by economic developments in the world’s second-largest economy, with volatility spiking ever since China unexpectedly devalued its currency. On …View full post
Market Recap 08/26/15:
U.S. stocks jumped on Wednesday, with major indexes posting their best one-day advance in four years. The rally snapped a six-day losing streak, however, one driven by slowing growth in China and that country’s plummeting stock market. The rally came after New York Fed President William Dudley said that the prospect of raising rates in September seemed “less compelling” than it had a few weeks ago given the turmoil in the market. Investors have been concerned that the Fed would still raise rates in September despite the issues in China, and with those concerns seemingly eased, they took to buying bargains in beaten-down shares. Apple (AAPL) and Google (GOOGL) were among the biggest gainers of the day.
Futures pointed to further gains on Thursday, with global shares rallying and China’s equity market up more than 5 percent. The gains were broad, with futures higher across the board and oil climbing back above $40 per barrel. However, the day could be volatile given the multi-day Fed meeting in Jackson Hole, which begins today. Investors are looking closely for any sign of when interest rates will be raised, and the market could move on any comments by Fed officials. In company news, retail stocks will be in view, with a number of outlets set to report quarterly results, including Tiffany (TIF), Aeropostale (ARO) and Gamestop (GME). Make sure you don’t miss this week’s Money Matters with Gary Goldberg, where the guest will be S&P Capital IQ’s and friend of Money Matters Sam Stovall, as well as Dr. Kristine Gedroic, who will talk about healthy eating and lifestyle habits. Visit our website www.ggfs.com for more details.
Market Recap 08/17/15:
U.S. stocks rose on Monday, lifted by some strong corporate news and bullish data on homebuilder sentiment, which lifted housing shares to a multi-year high. Media companies jumped on a plan by Walt Disney (DIS) to expand its theme parks with new features based on its Star Wars franchise. Shares of the Dow component rose and lifted peers. In merger news, Zulily (ZU) jumped after Liberty Interactive (QVCA) agreed to buy the online retailer for $2.4 billion. On the downside, Estee Lauder (EL) fell after the company reported weaker-than-expected results, continuing a trend this season.
Futures fell on Tuesday, tracking Asian markets as China shares plummeted more than 6 percent. Wall Street has largely followed China in recent weeks, with investors concerned about the pace of growth in the world’s second-largest economy, and what slower growth will mean for the earnings of multinational companies here. Many major market bellwethers have heavy exposure to the region. Chinese stocks were similarly volatile early this summer, until Beijing took measures to stabilize the market. The return of sharp downside moves could suggest those measures have failed, which could amplify concern over risky assets in general. Make sure you don’t miss this week’s Money Matters with Gary Goldberg, which will air Sunday at 11 AM on WOR 710 AM Radio. Visit our website www.ggfs.com for more details.