Market Overview

Market Wrap for Friday, May 17: Stocks Gain on Late Day Rally

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Market Wrap for Friday, May 17: Stocks Gain on Late Day Rally
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Markets surged Friday afternoon, bringing the Dow near a record high at 15,354.40.

The S&P 500 closed up almost one percent, with the Nasdaq up slightly more than that.

The rise in stock prices this week can be largely attributed to the end of earnings season, job numbers, and positive information from Japan.

 

Commodities

Crude Oil traded up slightly today to $95.19, while gold declined $24.80 to $1359.30. 

 

Bonds

The iShares Barclays 20+ Yr Treasury Bond ETF (NYSE: TLT) droped over one percent today to 117.07 near the close.

This pushed the 5, 10 and 30 year bond yields up 0.06, 0.08, and 0.08 percent, respectivly. This change brings the 30 year yield to 3.16%.

 

Currencies

The US Dollar rose today against all major currencies. The dollar picked up 0.9 percent on the Pound, and 1.1 percent on the Japanese Yen.

 

Equity Movers

National Bank of Greece SA (NYSE: NBG) rose 19.5 percent today to $2.39 on news Fitch Ratings upgrading its ADR and a sovereign credit increase.

Shares of Marketo, Inc (NASDAQ: MKTO) climbed 77.69% today to $23.10. This rise comes after their IPO on Firday at $20.00.

Shares of SolarCity Corp (NASDAQ: SCTY) increased by 26.09% today to $45.00. This can be credited to a $500 million dollar financing deal with GOldman Sachs.

Aruba Newtworks (NASDAQ: ARUN) fell sharply today by 25.61 percent to $13.10 after a poor earnings report and downgrades by several analysts.

Autodesk (NASDAQ: ADSK) declined by 6.71 percent to $37.11 after missing earnings estimates.

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