The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
Once again the S&P 500 is making an attempt at a new record high, having risen above that high-water mark every day this week but failing to hold on for a new closing record in each trading session. By early afternoon in New York, the S&P 500 was up 0.26% at 1850.0, flush against the point of resistance. The Dow Jones also achieve the same percentage gain, climbing to 16,242.
Today, as yesterday, the retail sector is a bright spot, with JC Penney up a remarkable 24.75%. The company didn’t report a brilliant set of quarterly figures after the close last night, though it did manage to post a smaller than expected quarterly loss. Most of all it was its guidance for 2014 that got the market’s attention, forecasting ‘significant’ growth in gross margin. This would appear to draw a line in the sand after two horrible years for the department store chain in which its has suffered large losses and seen its share price plummet.
The political tumult in Ukraine has, up till now, caused few repercussions in the financial market, but with the Russian military now being thrown into the mix, safe haven assets are getting a lift. President Putin has put Russian forces in the border regions on combat alert and the uncertainty over how this might escalate is supressing risk appetite and stoking a flight to quality, with gold up 0.16% and silver advancing 0.44%. US crude oil futures have fallen 0.5%.