Benzinga Market Wrap for Thursday, August 1: Record Highs!
The U.S. stock market surged higher Thursday on strong global economic data. China, the Eurozone, and United States all beat analyst estimates.
The Dow Jones Industrial Average rose 128.48 points, or 0.83 percent, to close at 15,628.02.
The S&P 500 added 21.14 points, or 1.25 percent, to finish at 1,706.87.
The Nasdaq rose 49.37 points, or 1.36 percent, to finish at 3,675.74.
ISM manufacturing data sent global markets higher today. Kicking off the party was China, which showed growth significantly stronger than expected. In addition, the Eurozone showed growth for the first time in two years. The United States showed growth, but the price paid index fell.
Crude oil futures soared on Thursday. At last check, NYMEX crude futures were trading up 2.64 percent to $107.80. Brent crude futures gained 1.67 percent and were trading at $109.50. Following the release of natural gas inventories, the commodity traded down 1.48 percent.
Precious metals recorded modest losses on the session. COMEX gold futures had shed 0.24 percent to $1,309.90 while silver contracts were last down 0.12 percent to $19.61.
In the grains complex, both corn and wheat fell on the day. Corn futures dropped 2.51 percent while wheat lost 0.94 percent.
Treasuries were close to unchanged on Thursday. Near the close, the iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) was down a huge 2.24 percent to $105.01.
Yields were as follows on the day. The 2-Year Note yield was sitting at 0.32 percent. The yield on the 5-Year Note was 1.375 percent. The 10-Year Note and 30-Year Bond were yielding 1.75 percent and 2.875 percent, respectively.
The U.S. Dollar picked up value today, roughly one percent higher according to the PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP) which tracks the performance of the greenback versus a basket of foreign currencies.
The closely watched EUR/USD pair was last down 0.71 percent to $1.3208. Other movers included the USD/JPY, which added 1.62 percent and the USD/CAD, which picked up 0.67 percent.
Volatility and Volume
The CBOE Volatility Index was significantly lower Thursday. At last check, the widely watched measure of volatility expectations had fallen 2.75 percent to 13.07.
Despite one of the busiest earnings days of the quarter, volume was low today with roughly 90 million shares of the SPDR S&P 500 ETF (NYSE: SPY) traded, approximately 25 percent lower than the three month average.
Ctrip.com (NASDAQ: CTRP) is up almost 20 percent today following strong second quarter results. Shares almost crossed the $46 level.
Up 11 percent heading into the close, Ruckus Wireless (NYSE: RKUS) reported strong second quarter results, beating the analyst EPS estimate by 67 percent.
JC Penney (NYSE: JCP) is seeing volume four times higher than average after the company claimed a credit rumor posted yesterday is false.
Halozyme Therapeutics (NASDAQ: HALO) traded down 17 percent on VPHM update.
Sun Power (NYSE: SPWR) is down more than 13 percent heading into the close after the company reported weak third quarter guidance.
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