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Positive US data keeps US indices off session lows

Last Updated on Thursday, 25 August 2011 16:50
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  • US Equities declined, but rallied off session lows after a round of data on the health of the housing market and manufacturing output generally beat expectations, while Fitch Ratings affirmed the US AAA credit status.
  • European indices also finished underwater as economic growth data from Germany to the wider Euro area showed that the recovery decelerated on the worsening sovereign-debt crisis.
  • Treasuries benefited from late buying as Techs added new long positions in long dated issues, while the Dollar was range bound as sentiment swung between risk aversion and risk on.
  • Consumer Cyclicals was the only S&P 500 sector to post an advance after earnings from Home Depot ($33.12, +5.3%) and WalMart ($51.92, +3.9%) came in ahead of expectations, while both retailers also raised their profit guidance.
  • Target ($49.37, +2.6%) rose ahead of its quarterly filing tonight. On a negative note, Urban Outfitters ($27.84, -6.3%) fell after discounting eroded the clothing retailer’s margins.
  • Financials declined, with the resumption of negative trade throughout the Money Centre Banks – Bank of America ($7.40, -4.6%), Citigroup ($29.94, -4.3%), JPMorgan Chase ($36.03, -2.3%), Wells Fargo ($24.55, -1.9%)
  • Dow Jones —0.67% S&P500 –.097% NASDAQ –1.24%
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