Mid-Day Recap: Investors Question 12-Month Equity Highs
Stocks are slipping, the dollar is down, and gold is at new highs. The Dow and S&P 500 closed at 12-month peaks on Monday but trading is skittish today as investors’ long-term concerns don’t match with the recent rally. Three hours into the session, most sectors in all three markets are down after six days of broad gains.
As of 12:30, the S&P 500 is down 0.32% to 1,072 and the Dow is 0.14% lower at 9,872, but the Nasdaq is 0.08% up at 2,140.
In earnings, Johnson & Johnson said Q3 profits grew 1.1%, more than analyst forecasts, yet shares are currently down 2.56%. After the closing bell markets will hear from Intel.
Shares in Goldman Sachs fell this morning after the influential banking analyst Meredith Whitney downgraded her call from “buy” to neutral. She told investors to snatch profits now that prices had doubled since March, adding that she is “far less bullish” on banking in general. The financial sector as a whole was recently was down 1.6%.
The US dollar continues to weaken against a broad array of currencies; the US dollar index is down 0.2%. Gold is reaching new peaks this morning, up more than $7 to $1,064.70 per ounce. WTI oil futures are up 31 cents to $73.57 a barrel.
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