Under influence of varied news the American stock indexes on Thursday, on 24-th of August, continued trade in a rigid corridor.
Let's remind that with opening of the tenders investors’ optimism was suppressed by the report on new home sale in July. So, forecasts of soft drop in sales were not justified. The new houses which found new owners, were down 4,3 % in July in comparison with June, and number of the new houses, exposed on sale, reached a 11-years top.
New home sales fell 21,6 % for a year and it was the strongest falling since 1994. The first reaction of investors after confirmation of abrupt peak of housing market became reduction of the open long positions. However then, the market’s participants preferred not to hurry up with conclusions and to wait for an issue of the whole series of statistics on all spectrum of the economy, planned the next week.
As a result, after the release of data from housing market investors try to answer a question about following FRS course. We shall notice that some economists do not exclude even that Bernanke can go on decrease in a discount rate at the meeting on 20-th of September to support declining economy.
Such expectations are supported by information that current yield on the most widespread 10-years bonds lowered yesterday up to 4,8 % per annum though still a month was essentially above 5 %.
Except for unpleasant "surprise" for investors yesterday news from energy market also did not inspire players on purchases.
Let's remind that, after practically 2% decrease on Wednesday, having found support from natural gas, and also news of BP company that oil production in Alaska was reduced in addition due to problems with the compressor, oil futures showed the next growth. As a result October contract was closed upwardly by 80 cents at a level $72.36 for barrel.
Corporate news could not affect noticeably a situation. So, the majority of papers, having lost in cost of shares at the first hours of the tenders, by the end of day offset morning decline and finished a day as well as indexes by modest increase of quotations.
The companies of small capitalization grew more or less actively yesterday, catching up with larger emitters, which went forward the last week.
After the end of check of the accounting reporting from the Department of Justice, shares of the financial group Fannie May hiked 4,8 %. The check did not give occasions for any financial claims to the company.
And after growth of 3,7 % on the eve on a wave of the message about expansion of Sun share in the super competitive server market, the papers of the most known manufacturer of servers of Sun Microsystems company rose in price 2,5 %.
On Wednesday, after closing of the basic tenders, the network of shops of lady's wear Coldwater Creek informed that earned 13 cents for a share for its shareholders, having exceeded last year's result by 86 % and analysts’ forecasts by 3 cents.
Sales were up 41 % to $216,4 million. Papers of the company grew more than 38 % since August, 4th, 2006.
And yesterday Coldwater Creek shares were up +7,72 %, or $1,94 up to $27,07.
As a result Dow-Jones index of New York stock exchange grew 6.56 points and was closed at a level 11304.46. NASDAQ index was up 2.45 points and is at a level 2137.11. S&P 500 index rose 3.07 points and is at a level 1296.06.
And 30-years US Treasury notes’ yield fell 0.011 in comparison with the previous closing and makes 4.939.
Our last recommendations hold good: it is necessary to buy futures for Dow-Jones and S&P 500 indexes after the end of descending correction. A level of opening of purchases should be considered marks 11200 and 1280 accordingly.
