STOCKS TUMBLE AS YEN SURGES: Here's What You Need To Know

Investors took a little break from risk today, headed into the weekend.

First, the scoreboard:

  • Dow Jones: 15,071.60, -104.48, (-0.69%)
  • S&P 500: 1,626.86, -9.50, (-0.58%)
  • Nasdaq: 3,423.41, -21.96, (-0.64%)

And now, the top stories:

  • This morning, we got weaker-than-expected economic data reports on May industrial production and June consumer confidence out of the United States. Minutes after the consumer confidence release at 9:55 AM, U.S. stocks peaked for the day.
  • The S&P 500 traded lower throughout the morning and part of the afternoon before bottoming out and bouncing around 2 PM. Stocks were pressured by the yen, which strengthened significantly against the dollar today – at one point pushing the dollar-yen exchange rate below ¥94.00. The dollar-yen exchange rate is closely watched by investors because of its tight correlation with the S&P 500.
  • In the week ended June 12, bond funds saw $14.5 billion in outflows, global equity funds saw $9 billion in redemptions, and emerging market debt and equity funds combined recorded a total of $9 billion in outflows. Commodity funds saw $0.4 billion in redemptions, marking 18 straight weeks of outflows – the longest on record.
  • DON’T MISS: 25 Reasons Detroit Is On The Verge Of An Epic Comeback >

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