Euro Dips Near Record Lows in Wednesday Trading

Markets today were mixed, with only the NASDAQ posting a profit on the back of resurgent tech companies. The Dow lost -26.99 points in trading today, and closed at 18,285.40. The NASDAQ was up slightly, gaining 1.71 points to close the day at 5,071.74. The S&P 500 mirrored the Dow, losing -1.98 points, or just -0.09%, to close out trading today at 2,125.85.

In overseas trading today, Japan and London posted gains while Hong Kong and Germany sank. France was up slightly, and the Swiss Market Index lead Europe in real gains.

Euro Falls For The Second Day In A Row, Back Near Record Lows.
 For the second day straight the value of the Euro has plunged in comparison to the US dollar. After the financial crisis of 2008, the Euro fell to record lows but had recently started to recover. All of that seems to be turning around this week, as the dollar's recovery kicks into high gear and sets 4-month record highs.

The value of the Euro is vital to the Eurozone economy at large. Some member states like Germany have argued against a single currency in favor of the old way of doing business, but the Euro looks like it's here to stay. Still, with broken economies like Greece a part of the Eurozone, it's hard to see how even the heavy-hitters in Germany can balance out what has become a failing currency.

Cablevision Systems Up Big On Analyst Upgrade.  A recent upgrade started a buying frenzy for Cablevision (CVC) stock. Share prices were up in heavy trading, climbing to $24.69 by the close of trading today. Cablevision gained 3.77 points, or over 18%.

Transportation Sector Takes A Big Hit As Airlines Fall.  Today was just the latest in an ongoing series of tough days for the transportation sector. Cheap oil can't overcome flagging customer demand, although air travel is expected to pick up over the summer. Three major airlines fell big today. Southwest Airlines (LUV) lead the race to the bottom, shedding nearly -10% of its value to close at $37.19 per share. American Airlines (AAL) and Delta (DAL) followed suit, losing -4.85 points and -2.59 points respectively. American closed at $43.00 per share, and Delta at $43.62.

Hormel Beats On Earnings, Misses On Revenues, Still Rises.  The popular prepared food company Hormel (HRL) just released their Q2 earnings, and the news was mixed. Although Hormel beat earnings estimates, revenues as a whole weren't as high as expected. Hormel closed the day up 2.35 points to $58.14 per share.

Yahoo Recovering After Yesterday's Drop.  Search and news giant Yahoo! (YHOO) recovered slightly today after taking a big hit in trading yesterday. Yahoo posted a gain of 1.80 points today, and closed at $42.79 per share.
Published on May 20, 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 2020. Content published with author's permission.

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