Equities Market Roundup: Commodities Holding Stocks
May 9, 2011
•1 min read
U.S. stocks are up today thanks in large part to the rebound in the commodities markets. Energy and precious metals investors had experienced a steep sell-off last week but prices could be finding their footing once more. Oil recovered after supply surfaces and lowered demand dropped prices. Oil is now trading at just over $101 per barrel. Silver had been the commodity hit hardest last week, but has surged to trade over $37 per ounce. Gold also recovered and is now trading at $1509 an ounce.
Major U.S. Stock Indices
DJIA: 12,706.44 (+0.54 percent)
S&P 500: 1,347.25 (+0.53 percent)
Nasdaq: 2,846.74 (+0.68 percent)
Russell 2000: 841.41 (+0.97 percent)
In other news:
- Citigroup (NYSE: C) shares are trading down over 2 percent after its 1:10 reverse stock split. But if you’re using Yahoo! Finance, they’re actually up 875 percent! [WSJ]
- Is LinkedIn worth $3 billion? It’s a social network, so it has to be. [Reuters]
- Clive Capital, a $5 billion hedge fund, supposedly lose $400 million in the recent commodities sell-off. [Business Insider]
- Turns out the housing market isn’t getting better. According to Zillow, home values lost over 8 percent the last year and 28 percent of homes are underwater. [Bloomberg]
- Standard and Poor’s lowered their rating on Greek debt as more doubt around how the country plans to manage its financial system arises. [NY Times]
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