Markets closed up on Wall Street: DJI 0.52% SP500 0.49% Nasdaq 0.63% Gold -0.34% Oil 0.73%.
Markets staged a breathtaking comeback after starting the day deep in the red. On the commodities front, Oil (NYSE:USO) recovered a little despite gas stations ignoring the crash. Gold (NYSE:GLD) sold off, and Silver (NYSE:SLV) made an awesome midday recovery to break-even before crashing over 3% into the close.
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Today’s markets were up because:
1) Economic Data didn’t suck too badly. This morning we got another Initial Jobless Claims number over the critical 400,000 mark, but lower than last week. Then the Producer Price Index offered a glimpse into how inflation continues to hit real businesses (Cf. those that don’t use energy or other commodities). And lastly, Retail Sales climbed for the tenth month in a row, but April numbers show higher gas prices are finally making consumers think twice.
2) Tech overcame Cisco’s fumble. Although Cisco (NASDAQ:CSCO) dropped 4.78% after missing earnings expectations yesterday after the bell, NVIDIA (NASDAQ:NVDA), Oracle (NASDAQ:ORCL), IBM (NYSE:IBM) and Intel (NASDAQ:INTC) carried Tech (NASDAQ:QQQ) higher. Watch Cisco CEO John Chambers answer whether he thinks he should step down.
3) Facebook takes a page out of Capital Hill’s Book. Are you one of those good people who believes businesses and governments are genuinely doing the best they can? Well if you still blindly think one political party is more moral than the other, here’s more evidence that all is fair in love and war. Ironically, Facebook’s PR agency came out with a scathing publicity stunt revealing they were hired to plant lies about Google (NASDAQ:GOOG) in the media. There’s tons of hot air in the media adding to global warming, but the bottom line is this is par for the course in business and politics. Feel bad for Google? Relax. They have lobbyists.
Now that you’re in the know, get ready to see whether the Chicago Bulls can finish off the Atlanta Hawks!