Late Market Roundup

According to an industry trade group, spending on newspaper ads across the US has narrowed for the third consecutive quarter on a year-over-year basis. The spending fell 5.6% in the second quarter. The Newspaper Association of America (NAA) reported that the Total print and online-ad expenditures have also declined to $6.44 billion, as compared to $6.82 billion in the year-ago period. John Sturm, chief executive of the NAA said, "Despite a highly competitive environment, online-advertising growth rebounded back into double digits, while declines in traditional revenue categories continue to moderate as the general advertising recovery progresses." Gold futures moved up today after heightening investor concerns related to European banks and economic growth. Gold for December delivery reached an intraday high of $1,261.60. It is recently up by $6.60 to $1,257.80 an ounce on the Comex division of the New York Mercantile Exchange (NYMEX). Pradeep Unni, an analyst at Richcomm Global Services in Dubai said, “Gold could advance to a record on concern among investors that some European banks may struggle to raise additional funds." The Treasury Department has sold 3-year notes worth $33 billion at a record low yield of 0.79% for an auction. The bidders have offered to purchase 3.21 times the amount of debt sold, up from an average of 3.10 times for the last 12 months. Direct bidders, including domestic money managers have bought 11.7%. Indirect bidders, comprising foreign central banks have purchased 42.4%, as compared to 40% over the previous 2 months. Yields on 10-year notes moved down about 3.24%. However, the wider bond market stayed up after the auction. Crude oil futures declined along with the broader markets today, after the long holiday weekend. Crude oil for October delivery dropped 2.2% to $72.96 per barrel at the New York Mercantile Exchange (NYMEX). Read more