Street Has First Positive Day This Week on Upbeat China & Jobs Data
On Thursday Wall Street finally ended its losing streak that lasted three days. Chinese trade data was released that beat expectations and showed a sharp rebound in July. Commodities surged on this positive news while crude oil dropped for a fifth session in a row. It also was shared that jobless claims for the past week climbed slightly to 333,333, but the four week average ending August 3rd fell to the lowest level since November 2007. The S&P 500 originally was off 1.1% after this week's three-day loss but was in the green today as Cliffs Natural Resources (CLF) led the index higher.Fox Factory Holding Corp (FOXF) jumped 24% on its first day of trading. Investor Bill Ackman urged J.C. Penney (JCP) to find their new CEO as soon as possible sending the company's stock higher.
Word on the Street
- Jobless claims edge higher last week but stay near a five-year low.
- Fannie Mae reports a $10.1 billion profit on rising home prices.
- Dean Foods (DF) says it will close 15% of its factories, earnings disappoint.
- Groupon (GRPN) extends its gain to more than 27% on turnaround signs.
- Yelp (YELP) Surges to New Highs on Robust Revenue Growth.
Published on Aug 8, 2013By InvestorGuide Staff