Market Recap: Oil Cracks, Gold Pops and Research in Motion Implodes
Markets closed up on Wall Street today: Dow +0.66%, S&P +0.57%, Nasdaq +0.58%, Oil -1.64%, Gold +1.92%.
Today’s markets were up because:
1) Consumer Sentiment. Although everything revolving around the economy is generally depressing, today the University of Michigan said Consumer Sentiment rallied. But don’t get too hot: today’s 57.8 reading is the 10th lowest reading since the inception on the series in 1798. Did they have the internet back then?
2) Europe. Although Eurozone leaders have not agreed on what to do with Greece or the other PIIGS, yesterday’s declaration of support has kept sellers offline … for the moment. Rather than worry about another Lehman moment, Wall Street has spent the past two days obsessed with a single rogue trader at UBS (NYSE:UBS) who has apparently guaranteed more layoffs at the bank after he lit $2 billion on fire. So much for the end to the jobless recovery. Don’t Miss: UBS: The Rogue Trader Just Added to the Western Unemployment Problem.
3) Tech. Did you hear about the one where Research in Motion (NASDAQ:RIMM) and Netflix (NASDAQ:NFLX) walk into a bar? It ends with the two former Wall Street darlings getting scraped off the floor after the bar lights come back on. Today, Research in Motion continued it’s plunge into the past as the Blackberry maker missed earnings AGAIN and the stock crashed 19%. On the streaming video side, Netflix shares dumped another 8.3% as the company is being strong headed about pricing. Someone should tell the C-Suite Netflix stock is down a mind-numbing ~50% in 2 months. Ka-Pow mo-mo traders! Other than these two dogs, tech was up 0.4% as companies such as Intel (NASDAQ:INTC) keep enjoying the idea of Microsoft’s (NASDAQ:MSFT) new Windows 8.