Morning Notes

04/03/2015 Argonaut Morning Note

U.S. stocks retreated Tuesday, a day after the Nasdaq Composite rose above 5000 for the first time in nearly 15 years. The Dow dropped 85 points, or 0.5%, to 18203. The S&P 500 fell 10 points, or 0.5%, to 2108, and the Nasdaq declined 28 points, or 0.6%, to 4980. Traders said Tuesday's decline in equities was to be expected as it came a day after the Dow industrials and the S&P 500 index closed at all-time highs and the Nasdaq Composite rose above the 5000 level for the first time since March 2000.

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03/03/2015 Argonaut Morning Note

The Nasdaq has finished above 5,000 for the first time in 15 years, capping a long-running recovery in the exchange after the dot-com bubble burst spectacularly in 2000. The tech-rich Nasdaq Composite Index jumped 44.57 points (0.90 per cent) to 5,008.10 on Monday, finishing above 5,000 for only the third time in its history. Both the Dow Jones Industrial Average and the S&P 500 struck new records as well, as US markets continue a six-year bull run. The Dow rose 155.93 (0.86 per cent) to 18,288.63, while the broad-based S&P advanced 12.89 (0.61 per cent) to 2,117.39. The Nasdaq is still about 40 points below its all-time closing high of 5,048.62, on March 10, 2000.

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02/03/2015 Argonaut Morning Note

In February, the Dow Jones Industrial Average jumped 5.6%, its best month since January 2013, while the S&P 500 rose 5.5%, its best month since October 2011. The Nasdaq Composite rose 7.1%, positioning it within striking distance of 5,000, a level last touched nearly 15 years ago. The strong month followed a lacklustre January, when U.S. stocks posted their biggest monthly losses in a year, with the Dow losing 3.7% and the S&P 500 falling 3.1%. In economic news, the Commerce Department said that U.S. gross domestic product expanded at a 2.2% annual rate in the fourth quarter, down from an initial estimate of 2.6%.

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27/02/2015 Argonaut Morning Note

U.S. stocks eased Thursday, though the Nasdaq Composite resumed its march toward record territory, as investors looked to another muted reading on inflation. Trading activity was muted, as the fourth-quarter earnings season drew to a close and fears over Greece's bailout continued to recede. The Dow Jones and S&P 500 both fell 0.1%, to 18,214 and 2,111 respectively.

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26/02/2015 Argonaut Morning Note

U.S. stocks were little changed Wednesday amid uneventful testimony from Federal Reserve Chairwoman Janet Yellen. Ms. Yellen started testifying before the House Financial Services Committee and indicated the central bank is moving toward raising interest rates later this year as the economy has improved. U.S. government bonds pulled back as investors took some chips off the table following Tuesday's rally. The Dow advanced 0.1% to 18,225 and the S&P 500 lost 0.1% to 2,114.

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