The American markets were mostly off on Thursday with notable exceptions. More Americans are out of work, and gold is climbing based on currency speculation.
Online PR News – 09-August-2013 – CHIYODA-KU, Japan – The American markets had mixed results yesterday, with some shares showing mild gains and others posting losses. The S&P 500 index lost 0.1%, the Dow Jones dropped 0.3% while the Nasdaq Composite was up 0.3%. The US Department of Labor reported that 7,000 more Americans were filing for jobless benefits representing a 2% jump and reflecting a stagnate economy.
Facebook was one of the day´s biggest winners surging 25% after posting second quarter results that beat expectations. It was a record one day gain for the company, reaching its highest level since May 2012.
Facebook was able to achieve this with its new mobile advertising products, which are now on track to surpass revenue from the desktop version of the site.
The financial sector did not perform as well, with major banks slipping slightly. Bank of America Corp. was down 1.5%, both Citigroup Inc. and JP Morgan Chase & Co. lost 0.5%, and Morgan Stanley skidded 0.35%.
Gold futures were up Thursday after falling nearly 1% on Wednesday. It jump $10.50 to $1,330 an ounce. Gold options for August expires at the close of the market on Thursday leading to increased volatility.
December gold, one of the most active futures, is also up $10.70 to 1,330.80 an ounce. It is our opinion that the market is responding to a weakening dollar combined with the slightly worse than expected Department of Labor report.
Crude Oil futures for September dropped 27 cents representing a .03% decline. Crude furthered its largest drop in more than a month due to a 22 year high in production, according to a report filed yesterday by the Energy Information Association.