Morning Notes

28/05/2015 Argonaut Morning Note

The Nasdaq has bolted to a fresh record peak in a broad-based Wall Street rally that largely reversed sharp losses in the prior session. The tech-rich Nasdaq Composite Index jumped 73.84 points (1.47 per cent) to 5,106.59 on Wednesday, almost 15 points above the prior record set on April 24. The Dow Jones Industrial Average rose 121.45 points (0.67 per cent) to 18,162.99, while the broad-based S&P 500 gained 19.28 points (0.92 per cent) at 2,123.48.

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27/05/2015 Argonaut Morning Note

Stocks sank Tuesday after a mixed bag of U.S. economic data underscored investor unease with the recent pace of economic growth. Shares of small companies, typically seen as more sensitive to the U.S. economy, posted sharp losses. The pullback follows a raft of economic data Tuesday--including an early report showing demand for big-ticket manufactured goods in the U.S. in April fell 0.5% from a month earlier. Economists had expected a more modest decline of 0.1%, though business investment showed signs of picking up. Other data showed home prices continued to climb in March, but less than expected, while new home sales and consumer confidence rose. The week ahead will bring an updated reading on first-quarter gross domestic product expected to show a 1% decline.

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26/05/2015 Argonaut Morning Note

The U.S market was shut on Monday for the Memorial Day holiday. Reassurance from Federal Reserve Chairwoman Janet Yellen that U.S. interest rates are on track to rise which weighed on the Australian dollar Monday and helped lift the local equities market. Mining stocks responded positively to a weaker currency and a jump in the price of iron ore, Australia's biggest mineral export, while bank shares recovered from further weakness on Friday. The S&P/ASX 200 closed up 1% at 5721.5, partially retracing a 1.2% fall over past week.

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25/05/2015 Argonaut Morning Note

Wall Street stocks have finished lower in light pre-holiday trade after Federal Reserve Chair Janet Yellen said the plan to raise interest rates this year was on track. The Dow Jones Industrial Average dropped 53.72 points (0.29 per cent) to 18,232.02 by close on Friday. The broad-based S&P 500 fell 4.76 points (0.22 per cent) to 2,126.06, while the tech-rich Nasdaq Composite Index slipped 1.43 points (0.03 per cent) to 5,089.36. Dr Yellen said delaying a move to raise interest rates "would risk overheating the economy." However, she also warned that the US economy continues to show weakness, with significant job market slack not reflected in the 5.4 per cent jobless rate.

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22/05/2015 Argonaut Morning Note

The S&P 500 has finished at a new record following strong earnings from Best Buy and news that CVS Health would acquire senior pharmacy services company Omnicare for $US12.7 billion. The S&P 500 closed at 2,130.8, up 5 points or 0.23%, above Monday's record. The tech-rich Nasdaq Composite Index rose 19 points, or 0.4%, at 5,090.8, while the Dow Jones Industrial Average was essentially flat, adding a minor 0.3 at 18,285.8.

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