US equities finished the week on their high points staging a late rally to recover from the losses earlier in the week. Some reports entered the markets after Europe closed that ECB President Mario Draghi was to meet with Bundesbank head Jens Weidmann to discuss future ECB measures including bond purchases, LTROs and possible rate cuts.
The S&P500 was +1.7% on the week to close at 1386, the DJIA also behaved simile it closed +1.97% to finish the week at 13,076 as did the NASDAQ up 1.1% for the week.
The Euro was given a kick along on the news that ECB was looking to do more but subsequently pulled back on the suggestion of a rate cut surfacing note that these meetings are quite common, this damped some of the markets reactions. EURUSD finished the week up 1.4% at 1.2326 on Fridays close. This is a three week high for the Euro currency. The Dollar index closed the week just off its lows and was -1.0% on the week at 82.76
Crude inventories for the week saw a larger build at 2.72m barrels with analyst polls only looking for a drawdown of 650k barrels this was negated later in the week as traders were speculating on stimulus coming out of Europe with Brent Crude finishing the week largely unchanged at USD$106.65 per barrel however, WTI closed the week down 1.6% at $90.26 per barrel. RBOB unleaded gasoline futures closed down 1.7% at 2.8913 recovering from some heavier losses early in the week on what appeared to be a fading US economy and build in inventories. Natural Gas was -1.7% as well for the week at 3.039 close. Gold was the stand out gainer on the week +3.5% at USD1622.80 per oz on CME for August delivery.
Apple alarm bells ring as they missed earnings and China sales suggest that Chinese customers will not always wait for the next iPhone as Samsung had released new models which captured the market share from Apple stock closed -3% on the week at $585.16
Amazon shares rallied 8% on profit hopes to close at $237.80
Starbucks share dive 11% after earnings miss this was the company’s biggest drop in its share price for 12 years.
Facebook revenue growth hits the skids and the shares plunge 11.9% to close on Friday at $23.65 on its last print for the week.
Zynga shares plunged on fading “Farmville” down 35% for the week to close at $3.09 largely due to Facebook issues and how it displays games.
S&P financial shares jumped 2.8 percent during the week boosted by JPM up 8.8% and Goldman Sachs up 7.9%.