Markets Dip After Two Days Of Record Gains
All three US major indices were slightly down this morning, shaking off the hangover of two straight day of record breaking advances.
Thursday, May 15, 2014 - 00:00
Yesterday, the S&P500 bounced back from its trough in the middle of last month. That rise was prompted by reductions to a sell-off within the technology sector in the face of a brightening outlook regarding the pace of development and growth within the US economy - the globe's largest and most dynamic. For the first time ever, the index registered past 1,900, yet closed the trade session two-plus points lower than that threshold mark. But the index' close on May 13th was 1,897.45, higher than the May 12th close of 1,896.65. Shortly after 10 a.m. in New York on May 14, the Nasdaq Composite moderately slid 0.01 percent, a loss of 0.49 points to 4,129.68; the Standard & Poor's 500 was slightly down 0.09 percent, a drop of 1.78 points to 1,895.71; and the Dow Jones Industrial Average barely dropped 0.17 percent, a rise of 28.93 points to 16,686.51.
Wholesale prices last month achieved their top gains in more than 12 months, a demonstration of deflation dangers subsiding. That, too, is another indication of the growing strength of the US economy.
Shifting east, the ongoing fighting between Ukraine and Russia continued escalating, with Ukraine security services being killed and injured. Pro-Russia separatists killed seven Ukraine soldiers yesterday and injured eight additional members of the security forces. Those attacks occurred in a breakaway region of Eastern Ukraine.
Dipping dollar drives gold
The price of gold was climbing early during this morning’s trade session as the USD was pinched by the likelihood of the European Central Bank implementing stimulus measures to spur growth and development. The greenback fell 0.1% against a collection of competing monetary units.
Greenback vs. bullion
The dollar and gold maintain a curious relation where one typically performs the inverse of the other. And such is the case during today’s trade session. Despite the uplifting news about the economic system that the greenback supports, it still showed its underbelly in the face of European Central Bank prospects.
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