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After opening at 12’303 the German DAX was able to rally up and peaked at the 12’325 point mark 4 minutes after opening. The joy was off short time, as after reaching the 12’325 point mark, the German DAX started tumbling down on news of weak German economic Data. 2 hours before close the German DAX is down 0,46% from its previous close. The notable winners/losers are Deutsche Telekom (up 1,41%) and Fresenius Medical Care AG & Co KGaA (down 1,49%). After the German healthcare company released solid earning end of July, the emerging news of Fresenius acquiring NXStage seem to shake up investors.
In the States it continues to be mostly about earnings these days, as the dog days of August continue, with favorable reviews from the investment community, interspersed with a few notable setbacks among individual stocks, being the rule. That was the case again on Friday, as generally solid profit reports helped lift the Dow Jones Industrial Average further into record territory, with that index going well past 22,000 in a modest buying campaign. A few headline movers, such as Weight Watchers, benefiting from an earnings beat, paved the way for the early gain that carried the market solidly higher in the morning. As we moved into the early part of the afternoon, the Dow was ahead by 40 points, while the other large and small-cap indexes were up modestly, as well, with gaining stocks retaining a small lead on declining issues. All told, the session was a positive one to that point, even though there were a few headline makers on the downside, such as Fluor, which while posting better-than-forecast second-quarter earnings, still weighed in with lower orders and backlogs, and much-reduced guidance for the 12 months. The stock tumbled to a 52-week low, in response. The equity market remained range-bound over the final few hours of trading, as investors further digested the benign jobs report and the likelihood that the Fed will not be unduly influenced by it. Another generally constructive earnings day proved supportive, as well. So, all of the averages stayed on the plus side of the ledger, but the gains were far from formidable. As to stocks on the Dow, the financials did better, while most other issues on that composite moved little. The lone negative on the day was a rise in bond yields on the better jobs data, with the 10-yesar Treasury note climbing to a yield of 2.27%. The market drifted until near the close, when there was a late spurt of additional buying, which helped cap off a week of generally higher prices. At the close, the Dow was ahead 67 points; the S&P 500 was better by five points; and the NASDAQ, on selective strength in technology, was in the black by 11 points. Meanwhile, there were more gaining groups than declining sectors, while on the Big Board, the earlier advantage held by advancing issues was retained into the close, with rising stocks holding about a four-to-three lead. Next week will be a lighter one for economic news, while earnings releases will start to slow down.
Sprint Corp.’s resumed talks about a potential merger with T-Mobile US Inc., being held at the same time as discussions with cable companies, shows the lengths billionaire Masayoshi Son is taking to build scale for a wireless carrier facing increasing competition in the U.S. The two wireless operators restarted discussions after Sprint’s exclusive negotiating period with Comcast Corp. and Charter Communications Inc. expired at the end of July, according to people familiar with the situation who asked not to be identified because the information is private. Sprint shares rose as much as 2.9 percent to $8.95 in early trading in New York Monday.
Todays Economic Calendar:
- Gallup US Consumer Spending Measure
- Labor Market Conditions Index
- TD Ameritrade IMX
- Consumer Credit
Sir of Finance 