Gold erased this year's gains, dragging gold mining stocks as much as 6 percent lower, as the dollar soared on a gangbusters labor report.» Read More
Newmont Mining attracted upside option activity yesterday for the the second time in a week as traders continue to make bets that the recent slide in gold is reversing.
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On Wednesday, chatter on the floor had everything to do about how to trade gold after Blackrock’s Larry Fink made bullish comments about the miners.
Stocks rallied strongly in the final hour Wednesday, logging a three-day gain, after hovering near the flat line for most of the session, but investors remained cautious ahead of Federal Reserve Chairman Ben Bernanke's Jackson Hole speech at the end of week.
Despite the recent robust gains in gold prices, expect the rally to continue well into 2012, said Paul Sacks, principal gold trader at Aurum Options Strategies.
Billionaire investor George Soros, whose stock-picking career has spanned nearly four decades, said he will manage money only for himself as new regulations threaten to crimp the hedge fund industry he made famous.
What follows is a roundup of corporate earnings reports for Tuesday, May 3.
Expect to see a continued bullish market in the short-to-intermediate term, according to David Loesser, president and founder of The Estate Planners Group.
Stocks closed sharply higher in a rally sparked by strength in tech and manufacturing, although bank stocks weakened after Wells Fargo reported a slide in revenue.
Stocks added to strong gains before the close as a rally sparked by strength in tech and manufacturing drove prices higher, although bank stocks weakened after Wells Fargo reported a slide in revenue.
Stocks continued to rally after a series of solid earnings reports led by technology and manufacturing companies.
What follows is a roundup of corporate earnings reports for Wednesday, Feb. 16.
Investing in mutual funds that buy gold-company stocks is a way to reduce risk in the highly volatile sector. Problem is, only a handful of funds produce relatively consistent returns. ...A report from TheStreet.
Stocks ended slightly down from Wednesday's record high levels, shrugging off news of economic strength from several economic reports. AmEx fell, while Alcoa rose.
Stocks stumbled from their record highs Thursday despite a handful of upbeat economic reports, although trading remained light in the final sessions of the year. AmEx fell, while Alcoa rose.
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Gold prices gave up early gains Thursday to dip below $1,400 an ounce, as the euro extended losses against the dollar amid worrying debt problems in the euro zone. Frank McGhee, precious metals trader at Integrated Brokerage Services, shared his outlook on the precious metal.
Gold soared near $1,380 an ounce on Thursday as the dollar plunged, after the Federal Reserve said it would pump $600 billion into financial markets. Jason Toussaint, managing director at World Gold Council, shared his outlook.
Although the dollar weakened further, stocks moved little following mixed economic data this morning. Futures didn’t react much to a slightly disappointing Q3 GDP reading today (up 2.0 percent vs. up 2.1 percent consensus). Similarly, slightly higher-than-expected October Chicago PMI (60.6 vs. 58.0 consensus) did little to move stocks up at 9:45am ET.
Stocks shaved off some of their earlier losses as techs staged a late-afternoon rally, but still closed mixed as investors considered news that the Federal Reserve may not provide as much stimulus to the economy as had been anticipated.