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Current Futures: Dow +78.00, S&P +9.40, NASDAQ +19.75
Stocks were largely up in the United States today, helping the global equity markets recover from the worst decline seen since April. Shares of Target Corp and Saks Inc lead the gains seen in the retail sector after cutting costs which has reduced operating expenses. Meanwhile, home improvement retailer Home Depot posted a 3.2 percent gain while competitor, Lowes, declined by 2.49 percent.
Early in the U.S. session the markets found that building permits and housing starts declined slightly. The Commerce Department report shows that housing starts fell by a seasonally adjusted 1 percent with multifamily units declining 13.3 percent. Single family homes managed to rise 1.7 percent to the annual rate of 490 thousand units. When compared to the previous July, Housing starts have dropped by a startling 37 percent.
Also released, a Department of Labor report showed that producer prices declined in July. The index decrease 0.9 percent after a 1.8 percent gain was seen in June. “Wholesale prices are expected to be slow to recover,” stated TheLFB.com Trade Team members. “This report is easing inflation concerns as producers work at less than capacity rates.” In the past year alone, the index has declined a record 6.8 percent.
The Dow Jones Index gained +71.72 points (0.79%) to 9,207.06, while the S&P 500 index added +9.56 points (0.96%) to 988.80.
Crude oil for August delivery was recently trading at $69.07 per barrel, up by $2.32.
Gold for August delivery was recently trading higher by $4.20 to $940.00.
Treasuries prices declined on Tuesday as stocks rose, giving back some of the gains made the previous day. Yield on the 10-year note changed 4.4 basis points to 3.47%.
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