Friday Look Ahead: Investor Worries Could Win Out Ahead of Weekend
CNBC Executive News Editor
Friday's market moves may not be as dramatic as Thursday's, but the same doubts could rattle investors going into the weekend.
 |
Thursday's weak weekly jobless claims, concerns about European sovereigns, and news that the U.S. and other governments would tap strategic petroleum reserves combined to feed worries about global growth, sending stocks sharply lower. Traders continued to talk about theFed's downgrade of the economy, and the lack of any new stimulus as its current quantitative easing program expires June 30.
The Dow at one point was down 234 points, but it staged a dramatic recovery and ended the day just 59 points lower, at 12,050. It moved higher after a late dayReuters headline that said the EU and IMF support Greece's new austerity plan. The Greek parliament votes on the plan Tuesday.
The S&P 500 was down 3 at 1283, but the Russell 2000 andNasdaq both finished higher. The Nasdaq was up 17 to 2686 and the Russell 2000 was up 2 at 802.
"It was a roller coaster. Very heavy short covering. That's why I think Nasdaq went positive. They'd been playing techs from the short side. it was very very intense short covering from what I could see," said Art Cashin, director of floor operations at UBS.
Cantor Fitzgerald market strategist Marc Pado said stocks could see more selling Friday, but the late day move taking the Nasdaq and Russell to higher finishes Thursday was a healthy sign. "I think we are going to pull back a little -- the knee jerk reaction. We are in the basing process. We have weeks to wait until we get good news," he said.
All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.
No comments:
Post a Comment