Early bounce eroded as stocks finish mixed $S.xnys
- Published: 12 October 2012
- Markets got off to a strong start overnight with a better than expected weekly jobless claims report coming in far better than expected. Claims fell 30k to a February 2008 low of 339k beating the consensus of 370k claims
- The late sell off saw the Dow finish in the red for the fourth day in succession with the major averages on track for their worst week in over four months
- Leading the gains on the S&P500 were the energy and bank stocks while telecoms and consumer discretionary stocks lagged overnight
- Sprint Nextel rallied 14.29% after the telco confirmed they are in talks with Japanese major Softbank to potentially selloff some assets
- Shutterstock and Realogy each surged 27.41% and 26.67% on their IPO’s
- The market will now look to the finance sector and in particular JP Morgan and Wells Fargo as the financial giants report to the market tonight
- DOW –0.14%, S&P500 +0.02% and NASDAQ –0.08%
- EUR rallied on news that Euro bank may delay Basel III regulations, AUD up
- Gold rose 0.3% and Crude escalated on Mid East tensions and supply cuts
