Markets
For the week of Monday, September 9, 2013 through Friday, September 13, 2013:
- Standard & Poor’s 500 Index: 2.03%
- Dow Jones Industrial Average: 3.10%
- NASDAQ Composite: 1.72%
The markets rallied Monday on reassuring economic news overseas, easing fears about Syria, and greater comfort about Fed policy. China released strong economic data, stating exports rose 7.2% in August from a year earlier. Investors pushed oil prices to a one-week low on Tuesday, which also boosted stocks. Russia appealed to Syria, which will likely delay a U.S. military strike. Midweek, the Dow Jones Industrial Average notched a third-straight triple-digit gain, having risen in six of September’s seven trading sessions. The week’s rally paused a bit on Thursday in anticipation of the Federal Reserves’ policy-setting meeting next week. While the Labor Department reported that the number of new jobless claims fell last week to the lowest level since 2006, missing claims from two states accounted for much of the decline. Stocks closed higher on Friday, allowing the S&P 500 to resume a winning streak for the week after a pullback on Thursday. The University of Michigan Consumer Sentiment Index fell to 76.8 from 82.1.
Economic Data
- Chain Store Sales Snapshot:
- The chain store sales index rose 1.5% last week.
- The increase put year-over-year growth at 2.3%, matching the year-to-date.
- MBA Mortgage Applications Survey:
- Mortgage applications composite index fell 13.5% for the week of September 6th.
- Refinance activity declined by 20.2% to its lowest level since June 2009.
- Purchase activity also fell 2.7%.
- Mortgage interest rates rose moderately to 4.8% for a 30-year fixed rate.
- Wholesale Trade:
- Wholesale inventories increased 0.1% in July following June’s 0.2% decline.
- Durable goods gained 0.6%
- Nondurable inventories declined 0.8% following last months 0.7% drop.
- Jobless Claims:
- Initial jobless claims fell more than expected, declining 31,000 to 292,000.
- Continuing claims declined 73,000 to 2.87 million.
Earnings:
- PVH Corp. (NYSE: PVH)
- PVH, maker of Calvin Klein and Tommy Hilfiger, reported a loss of $16 million, or $0.20 a share, for the quarter.
- After adjustments, PVH earned $1.39 a share, compared to $1.28 a share last year.
- Revenue jumped almost 50% to $1.96 billion from $1.34 billion.
- Analysts expected earnings of $1.36 a share on revenue of $1.89 billion.
- PVH, maker of Calvin Klein and Tommy Hilfiger, reported a loss of $16 million, or $0.20 a share, for the quarter.
- The Men’s Wearhouse, Inc. (NYSE: MW)
- Men’s Wearhouse reported earnings of $42.9 million, or $0.85 a share, down from $59.4 million, or $1.15 a share, last year.
- Adjusted earnings were $1.01 a share.
- Analysts expected $1.14 a share.
- Revenue fell to $647.3 million from $662.3, missing expectations of $670.8 million. .
- Men’s Wearhouse reported earnings of $42.9 million, or $0.85 a share, down from $59.4 million, or $1.15 a share, last year.
- Vera Bradley, Inc. (NASDAQ: VRA)
- Vera Bradley’s earnings rose 12%, as revenue was boosted by store openings, while same-store sales sank and the company sharply cut its full-year outlook.
- Vera Bradley reported earnings of $15 million, or $0.37 a share, compared to $13.4 million, or $0.33 a share, last year.
- Revenue increased 1.9% to $125.4 million. .
- The Kroger Co. (NYSE: KR)
- Kroger’s earnings increased 14%, earning $317 million, or $0.60 a share, compared to $279 million, or $0.51 a share, last year.
- Revenue increased to $22.72 billion.
- Analysts expected $0.59 a share on revenue of $22.69 billion.
Interest Rates
- The two-year Treasury rate fell two basis points to 0.44%.
- The five-year Treasury rate declined seven basis points to 1.69%.
- The 10-year Treasury rate fell five basis points to 2.89%.
- The 30-year Treasury yield slid to 3.83%.
Disclosures
This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
