Top 3 Reasons Markets were Up Ahead of the Kentucky Derby
Markets closed up on Wall Street: DJI 0.43% SP500 0.38% Nasdaq 0.46% Gold 0.7% Oil -2%.
We finally scored one winning day this week. Although, markets lost some steam in the second half of the day. On the commodities front, Oil (NYSE:USO) continued to free fall, closing down another $2 at $97.79. Gold (NYSE:GLD) rallied back a bit, but traders slapped it down when it hit $1,495. If you’re crazy enough to be speculating in Silver (NYSE:SLV) this week, you may have had a little win.
Today’s markets were up because:
1) Employment data shocked talking heads. If you watch the junk on financial news channels, you were probably short to the hills going into this morning’s BLS Unemployment release. That would’ve hurt. Private payrolls came in much stronger than expected, and previous data was revised upward. Clearly, we’re moving at a snail’s pace, but we’re not backsliding.
2) The EU is having an emergency meeting. Like the principal who can’t get away from the misfits, the EU is holding an emergency meeting to talk about Portugal and Greece. At one point there were rumors Greece is thinking about departing the European Union, but they are not confirmed.
3) Apple’s getting smitten with a new lover. Apple (NASDAQ:AAPL) has been a long time sweetheart of Intel (NASDAQ:INTC). Today, news scattered throughout the world that ARM Holdings (NYSE:ARM) may be moving in for the steal. ARM already provides chips for iPad, but they want laptops too. This is some serious drama in tech-land (NASDAQ:QQQ) as Apple is having a literal change of heart.
Now that you’re in the know, get ready to enjoy the Kentucky Derby and Pacquiao vs Mosley!