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Stocks Pare Back, Gold Surges in Thursday Trading

By  +Follow September 19, 2013 2:02PM
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Unable to maintain the ecstatic momentum unleashed by outgoing Fed Chairman Ben Bernanke’s announcement ahead of Wednesday’s closing bell that the Central Bank’s fiscal stimulus program was to remain unchanged for the time being, stocks ended the day mostly lower on Thursday.

The Standard & Poor’s 500 index was off by 0.18 percent to 1,722.34 points, while the Dow Jones Industrial Average closed 0.25 percent lower at 15,636.55. The NASDAQ added a modest but respectable 0.15 percent, finishing the day at 3,789.38.

Sept. 18's unexpected announcement of the continuance of the quantitative easing program also sent gold on a path to its highest one-day gain in nearly five years, while Treasury yields plummeted from recent two-year highs.

While Bernanke’s announcement about the Fed move, or lack thereof, was widely seen as surprising, it was largely keeping in line with statements the Chairman has been making all year, to the effect that only a substantial improvement in the US economy would provide the proper context in which to commence the “taper.”

As if on cue, the day’s only economic data was the Housing Department’s August existing home sales figures, which rose 1.7 percent during the recently ended month, the highest level in almost 7 years, and besting expectations of a 2.6 percent drop.

On the S&P 500, regional and money center bank stocks took a hit from the Fed’s announcement, with Region’s Financial Corp. (RF) , Huntington Bancshares ($HBAN), and Wells Fargo ($WFC) all ending the day lower on heavy trading. JPMorgan Chase (JPM) dropped over a percent after announcing that it would pay nearly $1 billion to settle claims related to last summer’s “London Whale” trading scandal.

The Dow saw most components in the red, with Unitedhealth Group (UNH) taking the heaviest loss, down over 3 percent. Home Depot (HD) ended 1.5 percent higher in reaction to the housing sales news.

The NASDAQ was higher by the closing bell, with tech shares taking the lead; Groupon Inc (GRPN) , Apple (AAPL) , and Yahoo! (YHOO) all added substantially. Meanwhile, Tesla Motors (TSLA) ended the day another 7 percent higher after an upgrade from Deutsche Bank (DB) .

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for DB
Fred Kwint
31 Oct 14 14:09:46
RT @DBAmericas: Jacques Brand, CEO $DB North America applauds @tim_cook for a powerful message & Apple for commitment to diversity http://t…
Out Leadership
31 Oct 14 13:35:07
RT @DBAmericas: Jacques Brand, CEO $DB North America applauds @tim_cook for a powerful message & Apple for commitment to diversity http://t…
CapitalistWorld
31 Oct 14 13:20:58
Attended a HF mtg today. Seems they are starting to like European banks $BCS $BBVA $IRE $DB among top holdings..expect 50% upside in 2015
NASDAQ
31 Oct 14 13:19:14
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/Fu8Yk7QixS
NASDAQ
31 Oct 14 12:04:03
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/KfTbZnqNx5
Deutsche Bank
31 Oct 14 12:01:01
Jacques Brand, CEO $DB North America applauds @tim_cook for a powerful message & Apple for commitment to diversity http://t.co/MamzSBLSan
Anthony Allyn
31 Oct 14 11:36:38
surprised $DB isn't up 25% today but give it time
Julian
31 Oct 14 11:28:10
@BarrySchwartzBW when are you on BNN next? would love to hear your thoughts on Europe, particularly the banks. $BCS $DB
NASDAQ
31 Oct 14 10:34:07
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/l7h4FjHhzU
NASDAQ
31 Oct 14 09:40:07
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/27hzWTxWPZ
ValueWalk
31 Oct 14 09:31:50
Citigroup Restates Q3 Results Amid Currency Probes http://t.co/dWq0MIMJcJ $C $JPM $BCS $DB
NASDAQ
31 Oct 14 09:01:14
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/nqlUvaMmN1
Darlene S Williams
31 Oct 14 08:51:25
@DSWZONEPICKTICK @CMEGROUPTV @Recode @GRUBHUB @SQUARESPACE @twittertv @sixgroup @ASXSTOCKTIPS @FinancialReview @RealPageCareers @NASDAQ $DB
NASDAQ
31 Oct 14 08:28:13
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/Ky64vwe8VB
Viraj Bharadia
31 Oct 14 08:27:44
RT @DeutscheBank: $DB US Equity Strategist #DavidBianco forecast and note about 50 large-cap stocks http://t.co/yHwvDvoeKk via @themoneygame
gordon gekko is god
31 Oct 14 08:00:46
Banks brace for FX settlements http://t.co/3WRQxSW8Xo $RBS, $C, $UBS, $DB, $JPM, $BCS, $CS, $XLF, $FAS, $FAZ, $UYG, $VFH, $IYF, $IAI, $SEF,
NASDAQ
31 Oct 14 07:52:20
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/skQMoyba30
NASDAQ
31 Oct 14 07:44:35
$DB - Deutsche Bank Hires Armin Rothauser as Head of Transportation, Infrastructure & Energy Finance http://t.co/aH0oIl34wS
Ole Johan Ulvaaen
31 Oct 14 07:39:47
RT @DeutscheBank: $DB US Equity Strategist #DavidBianco forecast and note about 50 large-cap stocks http://t.co/yHwvDvoeKk via @themoneygame
Gilbert MAHE
31 Oct 14 07:38:41
RT @MarketCurrents: Banks brace for FX settlements http://t.co/LGCDeb5o8g $RBS $C $UBS $DB
Deutsche Bank
31 Oct 14 07:38:32
$DB US Equity Strategist #DavidBianco forecast and note about 50 large-cap stocks http://t.co/yHwvDvoeKk via @themoneygame
Quantpost Financial
31 Oct 14 07:38:11
$C News: "Banks brace for FX settlements $RBS $C $UBS $DB …" http://t.co/hqeOTHKyWz Board view: https://t.co/Ip7crW7zP7
MarketCurrents
31 Oct 14 07:38:10
Banks brace for FX settlements http://t.co/LGCDeb5o8g $RBS $C $UBS $DB
NASDAQ
31 Oct 14 07:16:10
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/fSJjmJo6mp
Joe
31 Oct 14 06:50:03
CRT Capital boosts $teva PT from $60-67. $MS reiterates rating, PT from $57 to $61. $DB boosted PT to $64 (yesterday).
Joe
31 Oct 14 04:41:11
$jpm $db & Jefferies all downgrade $aegr to neutral, hold & hold.
Andreas Cseh
31 Oct 14 04:31:14
#Alert Set For #Deutsche Bank is Hitting Zero $DB @Lavorgnanomics @DeutscheBank @cducsubt @hb_boerse @bkalnoky @wiwo http://t.co/5HWslVA97K
ronin245
31 Oct 14 04:02:30
$AEGR awe, this is just rude, another $DB wunder call trgt $115 .
NASDAQ
31 Oct 14 03:08:21
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/UPCUtROR1w
Call Me Baloo
31 Oct 14 00:58:21
RT @Uldis_Zelmenis: $DB calculates GPIF's reallocation over JPY10trn (= over 90 billion USD) in foreign stocks ... over longer term, not se…
Uldis Zelmenis
31 Oct 14 00:57:50
$DB calculates GPIF's reallocation over JPY10trn (= over 90 billion USD) in foreign stocks ... over longer term, not several months
tradewithjoe
30 Oct 14 19:22:44
Ichimoku 10/31 Scan - $CMG $LNKD $SPY $ULTI $SSYS $BITA $FDO $FB $DB $TGT $SWKS $FL $MSFT $USB $NTAP http://t.co/dZOu1NHyVF
NASDAQ
30 Oct 14 16:35:02
$DB - New Zealand Debt Office: Joint Lead Managers for 2035 Bond Launch Appointed http://t.co/0CmbWgkIjv
Briefing.com
30 Oct 14 16:07:08
Get a 5-week view of upcoming #earnings reports http://t.co/eJaNlOxtzs $DB $SODA $AKAM $GLUU $NILE $SBUX $SIRI $PNRA $PSMT
Ben Thul
30 Oct 14 15:59:56
@SQLSoldier @elvinpedrosa: Sure. foreach ($db in $server.databases) {$r = $db.roles['your_role']; $r.DropMember('your_user');} Done #sqlhelp
Deutsche Bank
30 Oct 14 13:18:56
$DB names Bryan Kraft as new lead US media, cable and satellite analyst http://t.co/0E1rAm9wqr
Market Int Center
30 Oct 14 12:47:42
Deutsche Bank $DB Trading Near $30.54 Support Level ( http://t.co/SCJOGjHlWB )
NASDAQ
30 Oct 14 12:19:20
$DB - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/7qfkeZR3vC
NASDAQ
30 Oct 14 09:17:07
$DB - European Bank Stocks Slip -- Update http://t.co/OIIrkRjijl
RMRB
30 Oct 14 09:07:38
RT @valuewalk: Banks' Role In Dividend Arbitrage Under Fed's Radar http://t.co/uju5bjW5wT $BAC $C $DB $MS $OZM http://t.co/psPMeoSz9k
Smith's Gradings
30 Oct 14 08:27:15
RT @krollbondrating: KBRA Assigns Final Ratings to COMM 2014-CCRE20 https://t.co/DvejDpWabK #KBRA #CMBS $DB
Kroll Bond Ratings
30 Oct 14 08:26:59
KBRA Assigns Final Ratings to COMM 2014-CCRE20 https://t.co/DvejDpWabK #KBRA #CMBS $DB
NASDAQ
30 Oct 14 07:42:08
$DB - European Bank Stocks Slip http://t.co/6YHFZnosZI
Ariel Silahian
30 Oct 14 07:21:28
Algorithmic trading CLOSING Oct/30 $ATML(1.1 %) $LSCC(2.5 %) $Z(4.8 %) $ISIL(2.1 %) $TRLA(4.4 %) $WEC(1.3 %) $DB(4.4 %) $DUK(1.4 %)
stockmarketnow
30 Oct 14 04:26:51
RT TheStreet: German Deutsche Bank $DB named a new CFO late Tuesday, easing investors' concerns on a number of f... http://t.co/clVm9lIYh3
erik willey
30 Oct 14 04:18:01
RT @TheStreet: German Deutsche Bank $DB named a new CFO late Tuesday, easing investors' concerns on a number of fronts: http://t.co/PJHjbBI…
TheStreet
30 Oct 14 04:17:05
German Deutsche Bank $DB named a new CFO late Tuesday, easing investors' concerns on a number of fronts: http://t.co/PJHjbBIdgB
NASDAQ
30 Oct 14 03:06:20
$DB - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/oTy4doYp1c
NASDAQ
30 Oct 14 03:06:19
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/oUclygcFrI
NASDAQ
30 Oct 14 02:07:30
$DB - Calendrier des sociétés sur 15 jours http://t.co/3C6SnWG96F
				
				
By  +Follow September 19, 2013 2:02PM
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