-- Posted Wednesday, 27 July 2005 | Digg This Article
Market Analysis from CapitalUpdates.com:
Durable Goods Orders for June, expected to fall 1%, unexpectedly rose 1.4%, with May’s mark also revised up from 5.5% to 6.4%. The strong report suggests manufacturing will accelerate and fuel economic growth in the near future. Excluding transportation, Orders rose 2.6%, the largest increase this year.
New Home Sales for June came in higher than the expected 1,300,000 and rose 4% to 1,374,000. This is a new record high for new sales, with existing sales setting a record of their own this past Monday.
The Fed’s Beige Book reported expanding economic activity overall, with an improved job market and contained inflation. “In the survey, most of the Fed's 12 regional districts reported ‘moderate to solid expansions in manufacturing activity and expectations for future factory activity were generally upbeat.’ The survey also noted that ‘activity in a wide variety of manufacturing industries was characterized as strong.’”
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/23 expected at 320,000 and at 10AM is the Help-Wanted index for June expected at 38, though many traders will be looking ahead to GDP data released on Friday.
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Crude inventories dropped 2.3 million barrels and gasoline inventories dropped 2.1 million barrels, but distillates built by 3.1 million barrels. The crude drop came in about as expected and gasoline inventories dropped more than expected, but the build in distillates was higher than expected, making for a mixed report and leaving oil near unchanged after some initial volatile trade. Oil ended lower by $0.09 to $59.11.
Treasuries fell on the strong Durable Goods Orders report, but losses were limited in relatively tight trade.
Treasuries | Close | Gain/Loss |
10-Year Note Yield | 4.261% | +0.022 |
September 2005 Bond | 115 14/32 | -7/32 |
The Dow, Nasdaq, and S&P started off mixed on various earnings reports, but moved higher by the end of the day and ended near their highs. The S&P made new 4 year closing highs.
Index | Close | Gain/Loss |
Dow | 10637.09 | +0.54% |
Nasdaq | 2186.22 | +0.47% |
S&P | 1236.79 | +0.46% |
Among the big names making news in the market today were Citigroup, Anheuser-Busch, General Motors, Delta Air, Comcast and ESPN, Kellogg, Martha Stewart Living, Whirlpool and Maytag, Sprint, Colgate-Palmolive, Boeing, WellPoint, and WorldCom.
The U.S. dollar index failed to find strength from a surprisingly strong Durable Goods Orders report, as the currency market is more so focused on China and interest rates, and is also looking ahead to GDP figures on Friday.
Currency | Close | Gain/Loss |
U.S. Dollar Index | 89.76 | -0.30 |
Euro Index | 120.78 | +0.54 |
Yen | 89.12 | +0.13 |
Gold & Silver Report from GoldSeek.com & SilverSeek.com:
Gold Warehouse Stocks: | 5,812,904 | - |
Silver Warehouse Stocks: | 107,739,896 | +52,116 |
Gold and silver traded mostly slightly lower in Asia and London before rising in New York as the dollar weakened. Contract rollover and GDP figures on Friday were on the minds of most traders. Gold gained $1.40 to $424.30 and silver gained $0.02 to $7.00.
Gold and silver equities started off slightly higher, but soon moved lower to find small losses. All three indices remained near unchanged from there and ended with small gains.
Index | Close | Gain/Loss |
XAU | 91.13 | +0.41% |
HUI | 196.90 | +0.21% |
GDM | 637.25 | +0.17% |
More Precious Metals Analysis:
“Starting the session out gold looked to be in a liquidating posture, but a reversal in the Dollar and very strong leadership from the copper market seemed to turn the head of the market back to the upside. In fact, the Press was reporting short covering and with a number of very strong US economic readings we are not surprised that the industrial demand aspect of the metals managed to lift prices. It should also be noted that another large gold producer reported a slight decline in production and that would seem to help the market get over recent concerns of slack summer demand. Seeing the Dollar fail to hold gains after a series of patently supportive scheduled information would seem to call an end to the recent strength in the Dollar.” - The Hightower Report, Futures Analysis and Forecasting
Gold & Silver Stock News Update from GoldReview.com:
Newmont’s earnings, Richmont’s resignation of Mr. Louis Dionne as President and Chief Executive Officer and Director, and plenty of news from junior and exploration companies were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. ENDEAVOUR | EDR.V +4.58% $1.60 |
2. Anglo American | AAUK +2.26% $24.89 |
3. RANDGOLD | RANGE +2.22% $1.38 |
LOSERS
1. PALMAREJO | PJO.V -7.63% $2.30 |
2. Crystallex | KRY -4.64% $3.08 |
3. Sterling Mining | SRLM.PK -3% $2.91 |
Note: Winners & Losers Will No Longer Track Stocks Under $1.
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- Written by Chris Mullen
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-- Posted Wednesday, 27 July 2005 | Digg This Article
Gold Seeker Closing Report – Strong Durable Orders Fail to Inspire Dollar
