Despite Lackluster US Retail Sales Figures for July, Market is up

Despite Lackluster US Retail Sales Figures for July, Market is up Updated: 8/13/2014

Today, July US retail sales figures were released by the Commerce Department. According to the report, figures came in “virtually unchanged… from the previous month and 3.7 percent above July 2013.” Despite this report’s results, the US markets are up strongly this week with major US benchmarks up between 1% and 1.5%.

“The retail sales report points to an ongoing, though modest, consumer recovery. Though Q2 earnings season is largely behind us, recent strong announcements, such as Priceline on Monday, evidence how specific sectors are contributing to this picture,” said David Krein, Head of Research, NASDAQ OMX Global Indexes.

INDEX MOVES THIS WEEK

  • NASDAQ BIOTECHNOLOGY INDEX (NBI) is up 1.75% since Friday’s close. Year-to-date performance for the index is up 13% after being up above 20% at the end of February. Biogen and Gilead are up 2.71% and 2.14%, respectively, this week.
  • NASDAQ CLEAN EDGE GREEN ENERGY (CELS) was up 1.54% as of noon on Wednesday. Some of the index’s largest holdings include Tesla Motors, Linear Technology and First Solar.
  • PHLX Gold/Silver Sector (XAU) was up 2.17% as of noon on Wednesday. The price of gold is currently $1,308 per ounce.

INDEX TO WATCH

 

  • The NASDAQ Composite (COMP) measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market. The index currently includes 2,555 securities and some of the largest holdings include Apple, Microsoft, Google, Intel, Amazon and Facebook. The index is up 1.4% this week and 6% year-to-date.

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