Streak Ends on Wall Street; Dollar Rises Over 100 Yen (FNMA, STX)
The winning streak ended on Thursday as most of the US stocks erased gains and ended lower for the day. This was a record streak for the Street and a very strong first four-and-a-half months of the year. An unexpected drop in unemployment claims was announced and the four-week moving average fell to the lowest number since November of 2007. Tesla (TSLA) jumped 31% after reporting it's first profit yesterday and Green Mountain Coffee Roasters (GMCR) also surged after beating expectations for Q2 earnings.Seagate (STX) fell after a hedge-fund manager singled out the company to short. The dollar rallied over the 100-yen barrier today, a first since April of 2009.
Word on the Street
- The US dollar broke through the 100-yen level for the first time in four years on Thursday.
- Costco (CSCO), L Brands Inc. (LTD) and other retailers miss estimates.
- Fannie Mae (FNMA) reports a record profit for the first quarter.
- US jobless claims remain at a 5-year low with an unexpected drop from last week.
- The Carlyle Group LP (CG) announced that Q1 profit fell flat and asset sales dropped.
- Should Investors Worry About American Capital Agency (AGNC)?
Published on May 9, 2013By InvestorGuide Staff