Markets were mixed in trading today, with only slight movement occurring in moderate-volume trading. The Dow posted the only gains of the day, it put on 13.51 points to close at 18,312.39. The NASDAQ fell as tech stocks took a beating, and lost -8.41 points over the course of the day. The S&P 500 fell slightly, losing just -1.37 points in order to close at 2,127.83.
In overseas trading, markets were up across the board. Germany's DAX was the largest real gainer, putting on 2.23%, or 264.84 points. Japan's Nikkei shot up 137 points, and London's FTSE gained 26 on the day.
Urban Outfitters Tumbles 15% On Missed Earnings. Popular clothing store Urban Outfitters (URBN) announced that they would miss their earnings target by over $20 million today. Despite the fact that they're up 7.7% year over year, this latest news caused a big selloff. Stock prices fell -15% on the day, tumbling down -6.11 points to close at $34.61 per share.
Bonds Surge As The Dollar Recovers. After a few false starts earlier in the year, the dollar has rebounded from a 4-month low since Monday. Bond yields are up to 2.26% over 10 years, a big climb from last week. The Euro's recovery has also been damaged by the US dollar's recent increases, with the currency tumbling back down to near-record lows. Another big loser has been the commodities market, specifically the price of gold, which lost major ground today.
As the recovery continues and the dollar strengthens, exporters can expect their goods to cost more overseas. On the other hand, importers will be able to make a profit off of the increasing relative difference in price of their goods.
Freeport-McMoRan Rises And Falls With The Commodities Market. Freeport-McMoRan (FCX) relies on the price of metals in order to turn a profit. With today's weak performance by the commodities market, the company posted a loss. Freeport lost -3.80%, or -0.84 points, and closed today's trading at $21.29 per share.
American Apparel Sues Former CEO. Clothing manufacturer American Apparel (APP) has had a tough few months. In December the board fired their CEO and founder for impropriety and personal spending on the company's dime. The case is a complicated one, with both parties filing suit against one another.
American Apparel is seeking an injunction against their former CEO, who has sued in order to regain his job. The injunction seeks to stop any further attempts to associate with the company. In trading today, American Apparel was down -5.23%. The penny stock closed the day at $0.56 per share.