Monday, August 5, 2013

It's The Economy Stupid: Market Close

The stock market was mixed, with small caps doing better than large cap indices. Dow and S&P were down, NASDAQ was up.


Treasuries fell as stronger growth in American service industries dimmed prospects for Federal Reserve bond buying, while U.S. benchmark  stock indexes retreated from records.  Ten-year Treasury yields rose four basis points to 2.64 percent as of 4 p.m. in New York. The Standard & Poor’s 500 Index slipped 0.2 percent while the Stoxx Europe 600 Index closed 0.2 percent higher after climbing as much as 0.6 percent. The yen strengthened 0.7 percent to 98.30 per dollar while New Zealand’s dollar weakened against 15 of its 16 main peers. Wheat, sugar and gasoline lost more than 1.3 percent to lead the S&P GSCI Index of commodities lower.


Euro-area services output shrank at a slower pace than initially estimated in July, London-based Markit Economics said today. An index of China’s non-manufacturing sectors in July increased for the first time since March. Stocks extended losses as Federal Reserve Bank of

Dallas President Richard Fisher said the central bank is closer to slowing its bond purchases.



John Broussard

Assistant State Treasurer

Chief Investment Officer

State of Louisiana

Department of the Treasury



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