Banks Up Big in Wednesday's Trading
Bond Yields Continue to Rise as Consumer Economy SlowsBond yields were up again today, despite a rising stock market.
C) and Bank of America (BAC) -- posted gains of better than a percentage point today. Big banks are poised to be one winner of a weakening consumer economy, since borrowing will pick up as GDP falls. CitiGroup rose 0.91 points to close the day at $55.63 per share, a gain of 1.66%. Bank of America was up 1.56% in trading today, and closed at $16.93 per share.
Energy Companies Lead the Market in LossesThe biggest losers of the day were undoubtedly energy companies. The futures price of crude oil dipped back below $60 and the fragile energy sector fell right along with it. Chesapeake Energy (CHK), Diamond Offshore (DO), and Newfield Exploration (NFX) all fell at least -3% today. Chesapeake closed at $13.56 per share, Diamond Offshore was down to $30.28, and Newfield ended the day at $36.26 per share.
Freeport-McMoRan (FCX) Down Big for the Second Day StraightThe falling price of precious metals in the commodities markets has been hard on Freeport-McMoRan (FCX). Freeport, which searches for and mines precious metals, is extremely reliant on the price of platinum and copper in order to make a profit. As the prices of precious metals fall on the commodities market, so too do Freeport's stock prices. Freeport-McMoRan was down nearly -3% on the day, falling -0.59 points to close at $19.87 per share.
Euro Surges Versus the DollarThe Euro made up some much-needed ground against the dollar today, although that may say more about the fragile US consumer economy than it does about a European recovery. By the end of the day, a Euro was worth $1.13, up over a percentage point from yesterday's value.
Published on Jun 3, 2015By Aaron Phillips