At mid day the major market indexes were trending mixed. Stocks initially rose
Monday morning with news that the founder and leader of al Qaeda, Osama bin
Laden, was dead. The news had an instant affect on the market and Wall Street
observers noted the stock future boost, as well as a drop in the price of
commodities such as oil, gold, and silver. Beyond bin Ladens death on Monday, a
flurry of coporate mergers in combination with strong first quarter earnings
from the previous month may have also pushed the market forward. The initial
boost in the market was short lived and by early afternoon the market was flat.
World markets will have some delayed response to the news of bin Ladens death as
Britains FTSE 100, the Hang Seng in Hong Kong and the Shanghai Composite are all
closed for Holiday today. On the economic calendar for later this week the
Treasury Department is expected to release details of its quarterly refunding on
Wednesday and investors will look for the April jobs report, due out on Friday,
as a gauge of economic activity. Approaching close the major market indexes are
all trending in the red. The Dow dropped 4.50 points or 0.04% to 12806.04. The
Nasdaq lost 3.28 points or 0.115 to 2870.22. The S&P 500 decreased by 1.32
points or 0.09% to 1362.33. The Treasuries 10 year yield was down 0.0080 to
3.29%. Oil gained 0.72 to $113.58 a barrel. Gold dropped 3.40 to $1553.00 an
ounce. Silver lost 1.899 to $46.70 an ounce. Author: Pamela Frost
No comments:
Post a Comment