Wall Street’s strong finish on Thursday was followed by the Asian markets as all the major indices closed higher to start the third quarter.
Europe seemed equally inclined to keep the party rolling and those major markets were all trading higher as well. Investors got an assist from a report that Eurozone unemployment fell by 112,000.
U.S. stocks seemed to kick off the third quarter with a muted open with most of the action happening in the bond markets. Yields on the 30-year note hit a new all-time low as traders talked about more stimulus hitting the markets.
The S&P 500 is flat at 2,100, the Dow Jones Industrial average is up by 7 points at 17,937 and the Nasdaq is adding 9 points to trade at 4,852. The S&P Retail ETF is higher by 42 cents to sell at $42.38.
Gold extended its fifth weekly advance and is up another 1.26 percent to sell at $1,337 an ounce. Silver is hitting a 21-month high and is closing in on the $20 mark. This morning silver is up 2.5 percent to sell at $19.26 an ounce.
Dick’s Sporting Goods Inc. was the successful bidder for the intellectual property of bankrupt Sports Authority with a bid of $15 million. Pending approval by the bankruptcy court and the finalization of paper work, Dick’s will end owning the e-commerce web site, a loyalty program with 28 million members and a list of 114 customer files. If Dick’s isn’t able to close the deal for some reason, the next bidder is Sports Direct International. Dicks is also planning on taking over 31 stores for an additional $8 million. The stock jumped on Thursday as the news got out and today it continues to move higher and was lately trading at $45.60, an increase of 1 percent.
After the market closed on Thursday, Nike Inc. said that cofounder Phil Knight would be retiring from the board and that chief executive officer Mark Parker would be the new chairman. Parker has been president and ceo of Nike since 2006. Nike also named Apple Inc. ceo Tim Cook as its lead independent director on the board. Cook has been on the board since 2005. Nike stock is higher by 16 cents to $55.36.
Tanger Factory Outlet Centers Inc. now owns 100 percent of the Tanger Outlets Westgate after spending $41 million to acquire its partner’s 42 percent stake. The outlet mall serves the Phoenix. Market and is 97 percent occupied. Tanger stock is up by 15 cents to trade at $40.33.