After a bad overnight in Asia and weak data this morning, U.S. stocks rebounded and ended the day positive.First, the scoreboard:
- DOW up 0.18%
- S&P 500 up 0.08%
- NASDAQ down 0.16%
Now, the stories:
- Overnight, Chinese indices fell again with markets still concerned there are more tightening measures to come. The Shanghai Composite fell another 1.74% and one month SHIBOR went above 6%.
- Europe detached from China a bit, but ended the day flat after poor U.S. data this morning.
- Today’s Case-Shiller number was a bad one, indicating that the U.S. housing market is in a double-dip. Consumer confidence data also came in weaker than expected.
- Stocks continued to creep up as the day went on, however, and were not deterred by a weak midday Treasury auction, which sent yields spiking.
- Molycorp was one of the most talked about names today, as investors attempted to play the overnight news that China was cutting back on rare earth metals exports. Some confusion over when Molycorp would actually start mining sent the stock lower as the day went on.
- GM was also in the news as the quiet period post IPO ended. A large group of banks put buy ratings on the company’s stock.
- Apple’s slight rise couldn’t bring the NASDAQ positive, as the company’s market cap crawled towards $300 billion.
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