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MZ Market Update Monday, February 22, 2016

  • U.S. stocks closed sharply higher Monday as surging oil prices supported previously battered energy shares. The S&P 500 gained 27.72 points, or 1.45%, to 1,945.50, the Dow industrials rose 228.67 points, or 1.40%, to 16,620.66 and the Nasdaq Composite finished 66.18 points, or 1.47%, higher at 4,570.61.
  • The International Energy Agency said in its medium-term outlook that U.S. shale oil production was expected to fall by 600,000 barrels per day this year and another 200,000 bpd in 2017. The forecast added to last week‘s drop in U.S. oil rig count to their lowest level since December 2009.
  • In economic news, the flash manufacturing purchasing managers index from Markit fell to 51.0 from 52.4 in January. This matches the lowest level since September 2009. Economists had been expecting a reading of 52.5. Also, the Chicago Fed national activity index for January came in at +0.28 for January.
  • Treasury yields held higher and the U.S. dollar index traded higher. WTI futures closed higher and Gold futures for April delivery were lower.
  • CNBC reported that United Technologies and Honeywell held merger talks recently.
  • Fitbit reported earnings and revenue that topped expectations, but issued weaker-than-expected guidance for the current quarter.
  • Sysco announced that it has reached a definitive agreement to acquire European foodservice distributor Brakes Group.
  • AT&T and Intel have formed a partnership to test drone technology on AT&T‘s high-speed network. Separately, AT&T said it would invest about $10 billion in an effort to boost its global enterprise services division.
  • Bank of America will roll out a new mortgage product which will allow down payments as little as 3 percent and does not involve the Federal Housing Administration.

U.S. Indexes

Name

Current

Change

% Change

Dow Jones Industrial Average

16,620.66

228.67

1.40%

S&P 500 Index

1,945.50

27.72

1.45%

Nasdaq Composite Index

4,570.61

66.18

1.47%

Russell 2000 Index

1,021.74

11.73

1.16%

CBOE Volatility Index (VIX)

19.38

(1.15)

-5.60%

Global Indices

Japan: Nikkei

16,111.05

143.88

0.90%

China: Shanghai

3,063.17

70.37

2.35%

Hong Kong: Hang Seng

19,464.09

178.59

0.93%

Germany: DAX

9,573.59

185.54

1.98%

France: CAC 40

4,298.70

75.66

-1.79%

London: FTSE

6,037.73

87.50

1.47%

Currencies

Current

% Change

$

U.S. Dollar per Euro

$1.103

-0.71%

Strengthened

Japanese Yen per U.S. Dollar

¥112.975

0.18%

Strengthened

Commodities

Current

% Change

Crude Oil WTI (NYM $/bbl)

$33.38

5.13%

Gold ($/oz)

$1,207.80

-1.87%

Treasury & Credit Market

Current

% Change

T-Note - 2year

0.750%

0.004

T-Bond - 10year

1.749%

0.003

Last Update on February 22, 2016
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