S&P 500 weekly competition for 2012




NEW YORK (Frankfurt: A0DKRK - news) , July 13 (Reuters) - Global (Chicago Options: ^RJSGTRUSD - news) stocks and oil rose on Friday after Chinese data soothed worries that a potential hard landing by the world's second-largest economy would further crimp worldwide growth.

A 7.6 percent reading of gross domestic product growth in China was a whisker above expectations, bolstering sentiment across the board in commodities and buoying stock prices.

U.S. stocks opened higher, on track to snap six days of losses by the benchmark S&P 500 (SNP: ^GSPC - news) index, even though JPMorgan Chase & Co posted $4.4 billion of losses from its "London whale" trades. The bank also said it may incur $700 million to $1.7 billion in further losses.

"China pretty much came in line with expectations, and that could have been a very big miss which could have been catastrophic for the market," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. "JPMorgan, even with their adjustments, came in above expectations -- that could have been a big negative."

The Dow Jones industrial average was up 66.04 points, or 0.53 percent, at 12,639.31. The Standard & Poor's 500 Index was up 7.80 points, or 0.58 percent, at 1,342.56. The Nasdaq Composite Index was up 14.53 points, or 0.51 percent, at 2,880.72.

The FTSEurofirst 300 rose 1.1 percent to 1040.11.

The euro extended losses versus the safe-haven Japanese yen and U.S. dollar after a Moody's downgrade of Italy added to an already bearish stance on the euro zone's common currency.

The euro was down 0.25 percent at $1.2166, and against the yen, it was off 0.17 percent at 96.52 yen.

Italian 10-year government bond yields jumped as the surprise ratings cut highlighted the risk that the debt crisis could eventually engulf the euro zone's third-biggest economy.

Moody's warned it could further downgrade Italy's credit rating, now just two notches above junk status, if the country's access to debt markets dried up.

Italian benchmark 10-year yields traded around 6 percent.

Commodities staged a mini relief rally as the Chinese GDP data was not as bad as some had feared.

Brent crude oil futures were up 69 cents to $101.76 a barrel. U.S. crude was up 50 cents at $86.58.

The benchmark 10-year U.S. Treasury note was down 6/32 in price to yield 1.4961 percent. (Additional reporting by Ingrid Melander in London; Reporting By Herbert Lash; Editing by James Dalgleish)
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. .
 
Last three weeks S&P500 had a massive reversal on Friday... :idea:

What's going on here??? :confused:
 
Pat494 said:
I see my wt average scored the 1st place this week with the average coming second !!
Must mean something e.g. the sum of the whole divided by its components parts equals success.
Click to expand...

I think the real meaning is that the members getting it right are doing so with more consistency than before.
 
Did anyone watch click this morning on TV ? The new Google centre just opened in London is a really good idea imho. The only entry requirement is an interest in tech stuff. Meet others of similiar interests and some money entrepreneurs.
 
My thoughts are that it is going to attempt 1380 and get rejected, dropping to...

1345
 
Apologies folks for not getting a write up out over the weekend - had lots of family stuff going on.
 
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