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Gold futures settled lower at $1366 per ounce as U.S. equities rallied and bullion buyers took to the sidelines before the conclusion of a two-day Fed policy meeting.
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Here's our Fast Money Final Trade. Our gang gives you Tuesday's best trades, right now!
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For the week and month ending Friday, August 29, 2008, the major U.S. Indices ended slightly lower for the week but up for the month. The markets had a volatile week, sinking first on housing price drops and an up-tick in oil prices, then rallying on better-than-expected GDP numbers, and finally falling to end the week on worse-than-expected personal income and spending data. The Dow hit a 200+ point rally on Thursday, its largest one day gain since 8/8. The NASDAQ led the indices to the downside this week, down nearly 2%. For the August close, the Dow, Nasdaq and S&P all finished up 1.5% or more, marking the best monthly gain since April for the Dow & S&P, and best month for the Nasdaq since May.
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Charting Asia delves into the goldmines and finds that gold is no longer a long-side trading opportunity -- it's time to hang onto your hard hats and trade on the volatility of price behavior.
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We tallied the countries with the most gold awarded in a summer Olympics since regulations were established in 1978, and the value of gold during that period.
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For the week ending Friday, August 22, 2008, the U.S. major Indices fell for the week on the unknown future of mortgage giants Freddie Mac and Fannie Mae, downbeat home construction July data, and soaring producer prices. The NASDAQ Composite performed the worst for the week, declining 1.54%, its steepest decline since Independence Day week. However, Friday was a positive day for the markets helped by a welcome speech by Federal Reserve Chairman Ben Bernanke and a pull back in the price of crude. The Dow had three days of triple-digit point gains & losses, netting to finish almost flat for the week.
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The market rallies on Friday with the Dow, NASDAQ and S&P all up 1% or more, on light volume, but Friday's gains are not enough to boost the market's weekly performance out of negative territory. Energy stocks dominate.
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Fed Chairman Ben Bernanke is scheduled to comment on Friday about the financial crisis. How will his words influence trading?
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A summer stock rally has ended with a thud as investors—once optimistic that the worst was finally over—are now fretting that the worst is yet to come.
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Chairman of Cumberland Advisors predicts more bank failures while the managing director at Louise Yamada tells investors why now is the time to be bullish on gold. Following are today's top videos:
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In this Fast Money Web Extra the traders reveal how they're playing oil, the dollar and gold in the week ahead. Plus Guy Adami reveals the sucker's bet to avoid!
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The market ends the week mixed as oil retreats and the dollar continues to strengthen. The NASDAQ and tech lead the way for stocks, up almost 1.6% for the week, followed by the S&P roughly flat, and the Dow lower for the week by almost a percent.
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For the week ending Friday, August 15, 2008, U.S. major Indices finished mixed, after the markets digested negative results including a surge in CPI, a decline in retail sales, and continued expansion in unemployment claims. The Nasdaq Composite prevailed amongst the major U.S. indices, as it edged up 1.59% for the week, marking its fifth week of gains. Nasdaq gains were led by bullish comments on Amazon (AMZN) which gained 7.3% for the week. The likelihood of the eurozone moving toward recession allowed for a stronger dollar against the euro, continued pressure on oil, and a positive impact on U.S. stocks as a potential safe haven.
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The Dow fell by triple digits on Tuesday as worries about further losses stemming from the mortgage crisis moved back into the spotlight.
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Cramer recommended stocks he thinks could see a gain going into the Republican National Convention.
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Fast Money now – the plays you need while the market is still open
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As the United States has racked up 3 gold medals, and counting, behind China currently with 9, how much is the gold in a gold medal worth in the futures market?
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Following are the week's biggest winners and losers, including a couple of well-known household goods companies, a luxury brand and a couple of techs thrown in for good measure.
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After introducing guest trader Zach Karabell, aka "The Academic," the gang immediately dives into the main lesson learned after stocks soar to end the week (the highest close since June). The dollar also "exploded," with its biggest jump in 8 years against the euro. "Currencies typically do not move like that," says Dylan of the USD's 3.3% gain this week. The S&P 500 also had its best week since April, due in part to the commodities pullback -- it ended the day up 2.4%.
Most Popular Video
The Federal Reserve won't change course on quantitative easing this week, Steve Weiss of Short Hills Capital says.
Tuesday, 18 Jun 2013 | 7:10 AM ETAn airline passenger records a Chinese cargo handler as he tosses boxes of something on to and off of a conveyor belt for shipment. Hopefully, the cargo was packed well.
Tuesday, 18 Jun 2013 | 9:33 AM ETPlans to take PC maker Dell private by leveraging the company's balance sheet are misguided, CNBC's Jim Cramer said on "Squawk on the Street" Tuesday, because the company is facing lower margins and an increased competition from rival Hewlett Packard.