Not much going on with stocks in the U.S. today, but a bit more action in commodities markets, with oil and silver rallying.But first, the scoreboard:
- Dow down 0.20%
- Nasdaq down 0.46%
- S&P 500 down 0.08%
Now, the top stories:
- Overnight, markets in Asia were mixed, but the rally kicked off in Europe after a very weak start to the week. For those trying to avoid both more austerity in Greece and a debt restructuring, you got opposition to both today.
- The big call this morning was Goldman’s reversal on commodities. The bank made a big call on oil, saying it was headed to $130, and that now was a good time to get in. Oil rallied today on the news, up to $99.65, nearly 2%.
- Stocks started out the day strong, but started to decline after weak data this morning. The Nasdaq took the biggest hit, with NetApp and EBay losing over 2%.
- New home sales came in better than expected, but still remain far off their highs or the long-term trend. The Richmond Fed Survey came in sharply weaker than expected, yet another signal the economy is slowing down.
- Bill Gross signaled that it was not certain the end of QE2 would lead to a rise in bond yields, but that prices remain poor considering the potential for future inflation.
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