Market Wrap For Friday, September 6th: Late Day Sell Off on Anticipation of Weekend Syria Stand Off

After falling as much as one percent on Obama and Putin’s comments on Syria, markets rallied to finish the day unchanged. This is the fourth day in a row of volatility and minor gains.

 

Major Indexes

 

The Dow Jones Industrial Average dropped 14.98 points, or 0.1 percent closing at 14,922.50.
The S&P 500 added 0.09 points, or 0.01 percent ending at 1,655.17.
The NASDAQ Composite rose by 1.23 points, or 0.03 percent to end at 3,660.01.
The Russell 3000 rose points 1,07, or 0.11 percent to finish the week at 991.3.


Syria


For the past two weeks, uncertainty over Syrian war has sent markets up and down. Today there was almost a one percent swing as Obama meets with the G20 to rally support and Putin speaks to preserve Syria’s sovereignty.


Job Data


Unemployment for August was 7.3 percent, down 0.1 percent from July. Nonfarm payrolls rose by 169,000, coming in below economist expectations. The manufacturing sector strongly outperformed expectations, while the private sector fell far below.


Stock Movers


Quiksilver ZQK shot up 31.73 percent to $6.85 after the company reported strong third-quarter earnings.
VeriFone Systems PAY got a boost, moving up 10.04 percent to $22.80 after the company reported better-than-expected fiscal third-quarter results.
Mattress Firm Holding MFRM dropped 14.63 percent to $35.59 after the company reported weak second-quarter results and lowered its forecast.
MannKind MNKD shares tumbled 6.98 percent to $5.86 after Bank of America downgraded the stock from Neutral to Underperform.
Smith & Wesson Holding SWHC gave up 10.19 percent to $10.31 after the company issued a downbeat Q2 forecast.


Volume and Volatility


After a light day of trading yesterday, volume picked up to finish the week. Heading into the close, more than 130 million shares of the SPDR S&P 500 ETF SPY trade, compared to the 110 million average.
The CBOE measure of volatility fell 0.7 percent today to finish near 15.66. This is an eight percent drop since Tuesday’s open.


Commodities


Oil continued gains on the day with WTI up 2.04 percent to $110.58 and Brent gaining 0.7 percent to reach $116.07. Correspondingly, gasoline futures got a bump up 0,47 percent to $284.93.
Metals picked up some ground today after doubts of intervention in Syria sent them lower earlier this week. Gold futures are approaching $1,400 again, up 1.23 percent to $1,389.90. Silver futures rose 2.69 percent to $23.88 nearing the close.


Bonds


Market uncertainty drove bonds higher on the day. The iShares Barclays 20+ Year Treasury ETF TLT was up 0.52 percent at last check to $103.06.

Posted In: NewsBondsFuturesCommoditiesGlobalEcon #sEconomicsAfter-Hours CenterMarketsGoldjobsOilSyria
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...