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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
Market Newswire
24 Oct 14 15:31:27
Deutsche Bank Lawyer Found Dead in New York in Suicide - WSJ - WSJ - http://t.co/DkkLgbRnXX $DB #finance #stockmarket #economics
Ken Monahan
24 Oct 14 15:12:13
His last name was Gambino Kind of a joke on the regulators MT @davidenrich: Top $DB regulatory lawyer commits suicide http://t.co/C2rQcGySXL
Shayne Heffernan
24 Oct 14 14:50:42
RT @valuewalk: Deutsche Bank Reports $1.1B Litigation Cost In Q3 by @MarkMelin http://t.co/O6GWrZfp0r $DB $BNPQY
Bidness Etc
24 Oct 14 14:38:06
Banks Set For #fed ’s Stress Tests http://t.co/AoRqT7PcTV $C $DB
ValueWalk
24 Oct 14 14:37:52
Deutsche Bank Reports $1.1B Litigation Cost In Q3 by @MarkMelin http://t.co/O6GWrZfp0r $DB $BNPQY
Kroll Bond Ratings
24 Oct 14 14:08:51
KBRA Affirms COMM 2013-RIAL4 https://t.co/k8BTc9v36E #KBRA #CMBS $DB
Anthony Allyn
24 Oct 14 12:46:48
$DB should be owned going into next weeks stress test http://t.co/kcDfT9LjaB
Stock Moo
24 Oct 14 12:36:47
$db: National IT Summit: Ensure progress away from the limelight as well! http://t.co/2fBTEApPuK
Stock Moo
24 Oct 14 12:36:47
$db: Sustainable finance is an opportunity for the banking sector http://t.co/D7MtYUB0x5
NASDAQ
24 Oct 14 12:22:02
$DB - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/eYApDU0fTg
Robert Nuttall, DOM
24 Oct 14 12:05:10
@ReformedBroker $DB passes stress test. 72 trill in credit derivatives exposure. Hmmmm…
Cryptogenesis
24 Oct 14 11:30:16
@lexvandam $DB going to pass the stress test by a wide margin from our analysis. What is your take on that #ECB stress test due on Sunday??
V.S. Schulz
24 Oct 14 11:04:53
@zipjet $DB managed to do without aid in 2008/2009 and has since increased their capital ratios by quite a bit. Not as weak as many think.
Cryptogenesis
24 Oct 14 11:01:13
$DB a #BUY. Buyers of banks should hedge by going short the #France $EWQ and #Germany $EWG etfs. Hedge by buying weak #Europe bank puts.
Cryptogenesis
24 Oct 14 10:57:54
$DB is best bank stock in Europe to buy at the moment. Capital raise already completed and had a year to clean books before #ECB stress test
Cryptogenesis
24 Oct 14 10:56:05
$DB rated a BUY @Crypt0genesis. Our firm believes the stock is worth $40.00 in the next 3 months or sooner. Going to pass #ECB stress test.
Stock Moo
24 Oct 14 10:36:43
$db: Deutsche Bank announces litigation costs of EUR 894 million in third quarter 2014 http://t.co/dHorieCosa
Andrew Titche, CPM®
24 Oct 14 07:35:25
RT @krollbondrating: KBRA Affirms Invitation Homes 2013-SFR1 https://t.co/w06UAIJugo #KBRA #CMBS #RMBS $DB
Hedge AccordingLy
24 Oct 14 07:00:41
$DB “@Reuters: Deutsche Bank braces for $1.3 billion in U.S., UK Libor fines: sources http://t.co/wWFHPFzfLi”
Andrew McCreath
24 Oct 14 06:44:31
#Bloomberg reports 25 of #EuropeanUnion 300 banks in the stress tests #AQR will fail #forex @BNN $DB
Dividend Master
24 Oct 14 06:40:51
$DB $CS $JEF Sanford B / Cantor $WFC Susquehana $GS waving the BUY flag on $AMZN results
axle
24 Oct 14 06:22:16
$DB Deutsche Bank passes ECB stress test by wide margin - sources http://t.co/kbP1nKG8Ev
wininstocks2014
24 Oct 14 06:20:06
DB 31.75 Stock Charts $DB Deutsche Bank AG (NYSE) Last Updated: 10/24/2014 08:20:07 DB Stock Chart - 1 Month h http://t.co/fIWGSQJemf
axle
24 Oct 14 06:14:57
$DB Seeing some Reuters headlines that DB passed ; I am starting to build a position
US Banking News
24 Oct 14 06:06:52
Deutsche Bank Receives Consensus Hold Rating from Analysts $DB http://t.co/nfHwfxjgfy
Kroll Bond Ratings
24 Oct 14 06:04:06
KBRA Affirms Invitation Homes 2013-SFR1 https://t.co/w06UAIJugo #KBRA #CMBS #RMBS $DB
NASDAQ
24 Oct 14 03:08:25
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/hD0LrgxCYD
NASDAQ
24 Oct 14 03:08:24
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/YsOYxeQ2B4
NASDAQ
24 Oct 14 03:08:23
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/Wx8OotVYI8
NASDAQ
24 Oct 14 03:08:20
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/0Ilj7BFPaB
NASDAQ
24 Oct 14 03:08:19
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/sIqXpnTpJk
NASDAQ
24 Oct 14 03:07:10
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/NiOfpBHce3
NASDAQ
24 Oct 14 03:07:09
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/WFmizO9h4O
NASDAQ
24 Oct 14 03:07:08
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/RbPfUbF466
NASDAQ
24 Oct 14 03:07:06
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/A8ZWe84Gci
NASDAQ
24 Oct 14 03:07:05
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/dyUuR3Vxdk
NASDAQ
24 Oct 14 03:07:04
$DB - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/C9qR0XS9Ss
ronin245
24 Oct 14 02:42:12
$YELP who's this analyst @ $JPM that keeps pumping this cr@p? $C $JEF $DB they sure won't quit, can we have a collective "Yelp Sucks" ?
RAMSEY WILLIAMS
24 Oct 14 00:42:07
Global banks ready for Fed tests http://t.co/2pMWMtFmCr $C, $HSBC, $SAN, $RBS, $DB
Jen Kerins
23 Oct 14 23:34:50
RT @DeutscheBank: MT @DBAmericas: $DB is proud to support #VOWS. Keynote speakers for the @VeteransonWS conference have been announced http…
Deutsche Bank
23 Oct 14 23:30:04
MT @DBAmericas: $DB is proud to support #VOWS. Keynote speakers for the @VeteransonWS conference have been announced http://t.co/sdSPlBhNvB
erica jayne
23 Oct 14 20:26:13
Fed details 2015 stress test details $DB http://t.co/uBquE6lBLB
Bidness Etc
23 Oct 14 18:30:15
Deutsche's Patrick McEnerney doesn't think very highly of US regulators' new rules http://t.co/sOpsklSJqO $FNMA $FMCC $DB
JoaquimAgustiCoderch
23 Oct 14 18:12:08
Fed details 2015 stress test details http://t.co/Z86TCQOKLX $DB $BAC $C $GS
Deutsche Bank
23 Oct 14 15:52:25
$DB is proud to support #VOWS. Keynote speakers for the 4th annual @VeteransonWS conference have just been announced http://t.co/8zndfuTHoB
Darlene S Williams
23 Oct 14 15:31:35
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Quantpost Financial
23 Oct 14 13:49:55
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MarketCurrents
23 Oct 14 13:49:53
Fed details 2015 stress test details http://t.co/NNUMSalGtC $DB $BAC $C $GS
Market Newswire
23 Oct 14 11:46:41
Citigroup Buys Deutsche Bank's Energy, Metals Trading Books - October 23, 2014 - http://t.co/ixF0GIV7fI $C $DB #stock #trading #markets
Fish4Bucks
23 Oct 14 11:44:33
60m $DB Upper Trendline Pressure 31.990 #futures #stocks 02:44:19 PM http://t.co/WZwETG8am0 Signals based o... http://t.co/WZwETG8am0
				
				
By  +Follow September 19, 2013 2:02PM
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