Morning Notes

20/05/2015 Argonaut Morning Note

U.S. stocks wavered between slight gains and losses Tuesday, a day after the Dow industrials and the S&P 500 climbed to record highs. Both the Dow and the S&P 500 hit new intraday highs amid what traders described as a slow day in the market. Contributing to the positive tone Tuesday, U.S. housing starts rose 20.2% in April from a month earlier to an annual rate of 1.135 million, the Commerce Department said Tuesday. That was the highest reading since November 2007. Economists surveyed by The Wall Street Journal expected April housing starts to reach a rate of 1.01 million.

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19/05/2015 Argonaut Morning Note

U.S. stocks closed higher on Monday, with the Dow Jones industrial average and S&P 500 ending at new records, as investors shook off earlier concerns about Greek debt and a renewed rise in bond yields. The Dow Jones industrial average set a record for the fifth time in 2015, closing at 18,299. The S&P 500 closed at a record for the third day in a row, its ninth for the year, passing its closing high set on Friday and finishing at 2,129.

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18/05/2015 Argonaut Morning Note

The S&P 500 has edged higher to a new record in choppy trade following disappointing reports on US industrial production and consumer confidence. The S&P 500 rose 1.63 points (0.08) to 2,122.73, notching its second straight record close on Friday. The Dow Jones Industrial added 20.32 (0.11 per cent) at 18,272.56, while the tech-rich Nasdaq Composite Index dipped 2.50 (0.05 per cent) to 5,048.29. US industrial production fell 0.3 per cent in April, the fifth straight month of decline, according to Federal Reserve data. The University of Michigan's US consumer sentiment index plummeted to 88.6 in May from 95.9 in April. Offsetting these data were the pullback in the US dollar and US Treasury yields.

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15/05/2015 Argonaut Morning Note

The S&P 500 closed at an all-time high, halting a three-session slide. The index climbed 23 points, or 1.1%, to 2,121. The Dow also posted more than a 1% gain, closing 192 points higher at 18,252. A number of factors helped equities. Wholesale prices in the U.S. unexpectedly declined and retail sales are lacklustre (which may give the Federal Reserve pause in raising rates), bond markets have stabilised, and the weaker U.S. dollar will help U.S. based multinationals with foreign earnings.

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13/05/2015 Argonaut Morning Note

U.S. stocks pared steep losses to trade little changed Tuesday following a selloff in European equities and government bonds. The Dow had fallen by as much as 180 points in early trading, but subsequently pared losses. The moves in U.S. stocks followed a selloff in European markets. The selloff was exacerbated by short-term institutional investors looking to exit positions that bet European bond prices would go higher.

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