Markets closed down up Wall Street: DJI 0.31% SP500 0.32% Nasdaq 0.55% Gold 0.26% Oil 1.59%.
Markets started down but rallied all day to end a three day losing streak. On the commodities front, Oil (NYSE:USO) broke above breakeven around noon and shorts got squeezed, pushing oil back above $100 to $101.17. Gold (NYSE:GLD) kept the winning streak alive, and Silver (NYSE:SLV) added to yesterday’s 4% rise by jumping another 3%.
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Today’s markets were up because:
1) Commodities surged. Now that Goldman Sachs (NYSE:GS) is bullish on Oil (NYSE:USO) and GE (NYSE:GE) is madly in love with gas (NYSE:UGA), investors are rushing back to commodities (NYSE:RJI) despite tons of data regarding slower economic growth. Check Out “GE: Gas is Cheap and We’re Investing in the HUGE Bull Market.”
2) US Durable Goods orders sucked. Yup. They were not good. And transportation equipment led the way down with 9.5% drop. Add on this week’s news about slowing growth in China (NYSE:FXI) and the UK (NYSE:EWU), and it’s a surprise today’s trade was “risk on”.
3) A financial media legend passed. Unrelated to markets, CNBC anchor Mark Haines passed today. He was the founding anchor of “Squak Box”.
Now that you’re in the know, enjoy the NBA Playoffs!