Market Wrap for Tuesday, June 11: Markets Down on Japanese News

After trading flat yesterday, markets bounced around today, closing down. Markets opened down after the bank of Japan failed to extend the maturity of 0.1 percent bonds.

Markets fell across the world on the news of Japan with the Nikkei down 1.45 percent with Spain, Italy, and Germany trading at similar levels.

Major Averages

The Dow Jones Industrial Average fell 116.57 points, or 0.76 percent to 15,122.02 points.

The S&P 500 lost 16.68 points to fall 1.02 percent.

The Nasdaq dropped almost 37 points to close at 3,436.95 points.

Sales Data

United States wholesale inventories for April rose to $504.8 billion, up 0.2 percent from the previous month. Despite this gain, growth is slowed as compared to March.

The Redbook Retail Sales Index climbed half a percent for the first two weeks of May versus April.

The ICSC/Goldman Sachs Retail Chain Stores Sale Index fell almost three percent for the past week, as compared to the week prior.

Commodities

Despite falling stock prices, oil traded up for the day, with crude closing up ten cents to $95.87.

Moving with the markets, gold fell 0.64 percent late in the trading day, falling to $1377.21 per ounce. Similarly, silver fell almost one percent to $20.95.

In the grain complex, corn and wheat picked up ground today gaining 8 and 6.75 dollars, respectively.

Bonds

Bonds climbed on market weakness today. The iShares Barclays 20+ Yr Treasury Bond TLT ETF climbed over one percent, rallying late in the trading session, closing near $114. Consequently, bond yields fell.
The five year yield fell 1.15 percent to 1.11 percent and the ten year note lost three points to fall at 2.18 percent.

Currencies

The dollar lost value today. The PowerShares DB US Dollar Index Bullish ETF UUP, that tracks the performance of the dollar versus a basket of other currencies closed down 0.86 percent.

Stock Movers

Dole Food Company DOLE shot up 22.16 percent to $12.46 on CEO bid $12 per share for the outstanding stock.
Shares of Catamaran CTRX got a boost, shooting up 10.97 percent to $53.99 after Cigna CI entered into a 10-year agreement with Catamaran.
Lululemon Athletica LULU was down, falling 17.44 percent to $67.85 after the company announced the resignation of its Chief Executive Christine Day.
Shares of Navistar International NAV were down 9.15 percent to $31.17 after the company reported its second quarter results following the close Monday.

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