Gold Falls Again As The Market Struggles

The US markets were split today, with the Dow and S&P 500 falling, while NASDAQ gained ground. The Dow closed down -17.73 points and fell to 18,029.85, while the S&P 500 lost less than a point and ended the day at 2,099.68. The NASDAQ added just over 7 points and closed at 4,906.36. Markets were also mixed across the globe, with Japan's Nikke gaining 214 points and France's CAC adding over 45. London's FTSE didn't fair as well, ending the day essentially flat after losing -0.05 points.

Nike Is Having A Killer Week.  After news broke that Nike (NKE) was selling out of their new line of ultra-premium branded Kanye West sneakers, share prices shot up.

Nike gained 1.76 points today, closing at 93.62 per share, bringing their 5-day gains to 2.53% and setting the company up for a great week.

Apple Up, Google and Microsoft Falter.  There's no doubt that Apple (AAPL) has been having a great quarter, and the device manufacturer keeps growing. Apple kept up their growth trend by adding on an additional 0.89 points in order to close at 128.72. Microsoft (MSFT) and Google (GOOG), which are essentially Apple's only competition when it comes to smartphone software, fell by -0.05 points and -3.14 points respectively.

Boston Scientific Soars After Johnson & Johnson Ceasefire.  Boston Scientific (BSX) cleared up an ongoing feud with industry behemoth Johnson & Johnson (JNJ) today, and both businesses saw their share prices shoot up. Boston Scientific gained 1.84 points, or 12.40%, to close the day's trading at 16.68 per share. Johnson & Johnson couldn't hold onto their gains after the news of a settlement was reported, and went on to lose -0.48 points in late-morning trading to close at 99.96.

Commodities Down Across The Board.  Commodities investors are braced for gold to lose quite a bit of value in the coming year. Gold, which has shed almost 9% YTD and is continuing to trend downward, fell further in trading today. The price of a troy ounce of gold dropped $8.40 to close at $1,200.20. Silver also fell $0.11 per troy ounce, while the cost of platinum was down $9.80. Only a small handful of major commodities gained value today, including futures for beef, copper, and natural gas.

The US Dollar Continues To Strengthen.  The yield on a 10-year treasury note fell slightly today, down 0.07% to 2.07%, but the US Dollar is continuing to strengthen. In addition to the falling price of gold, the impact of a strong US Dollar can be seen most easily in contrast to other currencies. The value of $1 rose against the British Pound, Chinese Yuan, and Japanese Yen today.

Published on Feb 18, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2016. Content published with author's permission.

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