Stocks finish the session weaker to close flat $EURUSD
- Published: 15 August 2012
- Markets gave back most of their gains in the last hour of trading as the enthusiasm surrounding positive European economic news faded
- Also providing some encouragement for the market was the better than expected Retail Sales data with sales rising 0.8% for the month of July
- The market took on a slightly more defensive tone with most key sectors in the S&P500 closing lower. The losses were led by material and technology stocks. Highlighting the defensive tone consumer staples made small gains
- Department store Saks rallied 6.18% as it posted a better than expected quarterly loss and maintained its revenue forecast for the second half
- Home improvement giant Home Depot rallied 3.58% to close at $54.71 after it topped earnings estimates and raised its fiscal year guidance
- Leading the gains on the Dow overnight was HD and PFE each rallying 3.58% and 1.10%. Losses were led by AA and HPQ down 1.59% and 1.33%
- DOW +0.02%, S&P500 -0.01% and NASDAQ –0.18%
- The USD pushed higher overnight and bond yields rose on strong retail sales
- Gold was weaker as retail sales dampen QE hopes, oil closes above USD93
