On Friday, all three indices lost most of what they gained the day before. The Dow was down 109, the NASDAQ was down 10.82 and the S&P 500 was down 13.31. Futures are edging up just slightly higher and we're still in the middle of earnings season all week. Also, on Thursday, the third quarter GDP number comes out. The consensus is a slight increase, less than 1%. Companies reporting earnings this morning include: Corning, McGraw-Hill, RadioShack, and Tellabs. One company that will report earnings that maybe of interest to the nation's job seekers is Monster.com. Its earnings won't move the market but it is an interesting guage of the state of employment in the country.
Meanwhile, ten year U.S. Treasuries are now testing 3.50%. It's currently trading at 3.48%. The yield spread between the two and ten year U.S. Treasury bond is now at 2.47%. Oil is showing just a bit of weakness after reaching highs for the last fifty two weeks. It's currently trading at $80.28 a barrel. It reached above $81 a barrel at the end of the week last week.
There was near across the board positivity both in Europe and in the Far East. Markets in China were relatively unchanged. The Hang Seng was even while the broader Chinese index was up .06%. The NIKKEI in Japan was up .77% and the Straits Time Index in Singapore was up .05%. In Europe, the FTSE was up .2%, the DAX in Germany was up .43%, and the Spanish Index was up .15%.
Right now, currencies are relatively quiet. The Dollar is down .1% against the Euro, it's down .2% against the British Pound and it's down .11% against the Japanese Yen.
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The market opened down in Asia early, but reversed sharply after Toyota unexpectedly posted a $200m profit vs. an expected $9.5b loss.
A 3% increase in South Korean GDP didn't hurt, either.
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