Stocks decline while commodities gain $GBPAUD
- Published: 21 May 2013
- U.S. stocks declined, after the Standard & Poor’s 500 Index climbed four straight weeks, as investors weighed the pace of central bank stimulus efforts. Five of the 10 S&P 500 industry groups gained, led by a 1.3% rally among energy producers. Exxon Mobil rose 0.8% to $92.52 and Chevron added 1.1% to $124.78.
- Yahoo! Inc. climbed 0.2% after agreeing to buy blogging network Tumblr Inc. for $1.1 billion. Yahoo rose 0.2% to $26.58. The biggest U.S. Web portal is buying Tumblr as Chief Executive Officer Marissa Mayer seeks to lure users and advertisers with her priciest acquisition to date.
- DOW -0.12% S&P500 -0.07% and NASDAQ -0.07%
- The Yen gained the most in three weeks against the dollar as Japanese Economy Minister Akira Amari said further losses in the currency would have negative effects after it fell to the lowest since 2008 last week. One US Dollar is currently buying 102.18 Japanese Yen.
- Escalating tensions in the Middle East, a drop by the dollar against major currencies and “barging hunting” boosted gold and silver. Gold recovered to trade at $1394.27 an ounce while silver is trading at $22.88. In 2013 alone, silver has slumped 25% and gold dropped 17% as some investors have lost faith in precious metals as a store of value amid improving economic growth, low inflation and the rally in equities.
