Mid-Morning Market Update: Markets Open Higher; FactSet Research Posts Downbeat Q4 Earnings

Following the market opening Tuesday, the Dow traded up 0.30 percent to 15,540.55 while the NASDAQ surged 0.33 percent to 3,730.07. The S&P also rose, gaining 0.29 percent to 1,702.52.

Top Headline
FactSet Research Systems (NYSE: FDS) reported a 5 percent rise in its fiscal fourth-quarter earnings. FactSet Research's quarterly profit surged to $51 million, or $1.16 per share, from $48.5 million, or $1.08 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $1.20 per share, versus analysts' estimates of $1.21 per share. Its revenue rose 5.6 percent to $219.3 million. FactSet Research had expected earnings of $1.18 to $1.21 per share on revenue of $218 million to $221 million. For the current quarter, FactSet Research expects earnings of $1.21 to $1.24 per share on revenue of $222 million to $225 million. However, analysts were projecting a profit of $1.23 per share on revenue of $224 million.

Equities Trading UP
Repros Therapeutics (NASDAQ: RPRX) shot up 29.82 percent to $27.60 after the company announced topline results from both the second pivotal efficacy study as well as the 6 month safety study of Androxal®. Shares of Kythera Biopharmaceuticals (NASDAQ: KYTH) got a boost, shooting up 26.04 percent to $42.26 after the company reported positive ATX-101 top line phase III trial results for the reduction of submental fat. Aeropostale (NYSE: ARO) was also up, gaining 16.75 percent to $10.05 after private equity firm Sycamore Partners reported that it had bought a 7.96 percent stake in the company.

Equities Trading DOWN
Shares of Outerwall (NASDAQ: OUTR) were down 16.03 percent to $47.00 after the company lowered its forecast for the third quarter and full year. Werner Enterprises (NASDAQ: WERN) shares tumbled 4.71 percent to $23.26 after the company issued a weak third-quarter profit forecast. Bank of America downgraded the stock from Buy to Neutral. Pandora Media (NYSE: P) down, falling 1.71 percent to $23.58 as the company announced its plans to sell 14 million shares of common stock, including 4 million shares from current stockholders.

Commodities
In commodity news, oil traded down 0.61 percent to $105.94, while gold traded down 0.35 percent to $1,313.20. Silver traded down 0.75 percent Tuesday to $21.85, while copper rose 0.39 percent to $3.23.

Euro zone
European shares were mixed today. The Spanish Ibex Index dropped 0.04 percent, while Italy's FTSE MIB Index rose 0.10 percent. Meanwhile, the German DAX dropped 0.04 percent and the French CAC 40 rose 0.04 percent while U.K. shares fell 0.18 percent.

Economics
The ICSC-Goldman Sachs store sales index dropped 1.6 percent in the week ended Saturday from the previous week. U.S. consumer prices increased 0.1 percent in August, while the core CPI also rose 0.1 percent. However, economists were expecting a 0.2 percent rise in both prices. The Johnson Redbook Retail Sales Index fell 0.3 percent in the first two weeks of September versus August. The NAHB housing market index remained at 58 in September. However, economists were expecting a reading of 58 in the month. August's reading was also revised to 58 versus an earlier estimate of 59. The Federal Open Market Committee begins its two-day policy meeting today. The Treasury is set to auction 4-and 52-week bills.

Vital to consider risk appetite while investing

Through this article we are sure that the 'investment process' we have outlined herein would help many investors strike the correct chord.

Before we understand the term risk appetite , let us try to understand by what is meant by "risk". To put it simply, risk is a result or outcome which is other than what is / was expected. While you assume risk as an investor, you could either make gains or suffer a loss; thus risk is nothing more than a state of uncertainty, and exists in every facet of life- including investments.

The term "risk appetite" refers to one's willingness to take risk. But it doesn't merely end with willingness to make a prudent investment decision; but in fact needs to be backed by a rationale considering risk determinants such as the following: 

Age:
Your age plays a vital role to determine your risk appetite. Thus the younger you are, more risk you can take and vice-a-versa. This is because you are in the accumulation or earning stage of your life cycle, where you have more number of working years before you retire. Likewise, if you start investing at an early age the tenure which you get (while investing in an investment avenue) is greater, which enables you to make more aggressive investments and create wealth over the long-term to meet your financial goals.

Income:
Similarly, your income too is an important determinant to gauge your risk appetite. This is because if you income is high enough, you can afford to take high risk and vice-versa.

Expenses:
Your outgoings also influence the risk which you can afford to take while investing. Thus although you may be having a high income, but your disposable income is petite you could be refrained from taking risk.

We think that in order to keep your financial health in pink in the long-term, it is important that you live within means and curtail your unnecessary expenses. It is this strategy which will enable you save a large portion of your monthly earnings, which can be deployed in suitable asset classes.

Nearness to goal:
Also if your investments are driven by an objective to meet a financial goal, that too would be a determinant for gauging your risk appetite. Thus if you are many years away from the financial goal you could afford to take more risk, while if you are not many years away from the financial goal you could be risk-averse.

Thus ascertaining risk appetite is a combination of these aforementioned factors, and equation of all these can help you test your risk tolerance.

It is noteworthy that while there are investment opportunities and avenues galore, you ought to take care and ensure that you are not cooking a recipe for disasters. As mentioned earlier, while there is information galore on investment avenues you ought to adopt caution and ensure that you are taking a wise investment decision which suits your needs and risk profile. There is no point in being carried away by an investment opportunity which has being hyped (even though it may be really worth it), if does not suit your risk profile. Moreover one should be wary of investment opportunities which harp on returns and does not emphasise on the risk involved.  As a matter of fact, in the absence of information related to risk, information isn't just incomplete, it's downright misleading.

So the next time you hear or read of investment opportunities and avenues ask yourself a simple question "Does this investment opportunity or avenue suit my risk profile, although it may deliver luring returns?" Remember, investing is not about how much return you like, but how much returns you can safely handle.

PersonalFN is a Mumbai based Financial Planning and Mutual Fund Research Firm

Bayer Announces Positive Phase I Data - Analyst Blog

The HealthCare segment of Bayer (BAYRY) recently announced positive results from a phase I study on prothrombin complex concentrates (PCCs). The study evaluated three- and four-factor PCCs in 34 healthy adults.

Results from the phase I study revealed that three- and four-factor PCCs can be used to reverse the anticoagulant effect measured by coagulation assays in patients treated with blood thinner Xarelto (20mg twice daily). The study further revealed that the three-factor PCC was more effective than the four-factor PCC on reversing Xarelto-induced changes in thrombin generation.

Bayer stated in its press release that currently there are no approved reversal agents for Xarelto. In Feb 2013, Bayer along with partner Johnson & Johnson (JNJ) collaborated with Portola Pharmaceuticals Inc. (PTLA) to evaluate the potential ability of PRT4445 in reversing the anticoagulant activity of Xarelto in emergency situations.

We note that Xarelto is marketed by Johnson & Johnson in the US and by Bayer outside the US.

Meanwhile, Bayer and Johnson & Johnson received a huge setback from the US Food and Drug Administration (FDA) last month, when the US regulatory body issued a complete response letter (CRL) to the supplemental New Drug Application (sNDA) of Xarelto for the reduction of risk of stent thrombosis in patients suffering from acute coronary syndrome (ACS).

Bayer/Johnson & Johnson are no strangers to setbacks regarding the ACS indication in the US. In Mar 2013, the companies received a second CRL from the FDA for Xarelto's (2.5 mg twice daily) sNDA submission for the reduction of the risk of secondary cardiovascular events in patients suffering from ACS. The initial CRL for this indication was issued in Jun 2012, after which Bayer and Johnson & Johnson had resubmitted the sNDA for blood-thinner Xarelto in Sep 2012.

Xarelto is, however, approved for several indications in the US including stroke prevention in nonvalvular atrial fibrillation, dee! p vein thrombosis (DVT), pulmonary embolism (PE) and reduction of the risk of recurrent DVT and PE.

Bayer, a large-cap pharma company, presently carries a Zacks Rank #4 (Sell). Meanwhile, other large-cap stocks such as Novo Nordisk (NVO) currently look more attractive with a Zacks Rank #2 (Buy).

Is This a 'Buy And Forget' Share?

Right now, Rupert Hargreaves from The Motley Fool UK is analyzing some of the most popular companies in the FTSE 100 to establish if they are attractive long-term buy and forget investments.

What is the sustainable competitive advantage?

Today I'm looking at National Grid (NG/:LN) (NYSE:NGG). National Grid owns and controls the electricity distribution network for the United Kingdom.

Indeed, apart from some Scottish regions, which are under the control of (LSS:SSE), National Grid has a virtual monopoly over the market.

In addition, as National Grid has been around in various forms since 1926, accumulating over £50 billion in assets, a vast and complex distribution network, as well as regulatory approval to run the network, the company has a wide moat defending its position from competitors.

However, the company's US operations, which are only regional networks and account for 35% of EBITDA, are having a hard time fighting off competition.

Having said that, as National Grid is such a key part of the UK economy, the company is subject to the constant scrutiny of regulators, and the firm is banned from generating abnormal levels of profit.

In particular, the company's UK revenue for the next eight years is only allowed to rise in line with inflation and the company's cost of capital.

Still, the group's net profit margin for 2013 was 20%, so the company is not struggling to make money.

Company's long-term outlook?

With regulatory approval to run the UK's electricity network—granted for the next eight years—National Grid's outlook here in the UK appears to be guaranteed for the medium term.

However, over the longer term, the biggest risk to National Grid is the company's forced break-up by regulators.

Having said that, a break-up would lead to higher electricity prices for consumers, a bullet that not many political parties would like to bite.

Unfortunately, on the other side of the pond, the company's regional networks face a more uncertain future due to competition and natural disasters.

Nonetheless, National Grid's dominance over the utility market here in the UK, gives the company a strong competitive advantage over the majority of its smaller US peers.

Foolish summary

All in all, National Grid appears to be the perfect long-term investment. The firm's wide moat, market dominance, and heritage, all point to a company that is going to be around for the long-term.

Moreover, with electricity demand in the UK constantly rising, the company looks set for a future of sustained growth.

So overall, I rate National Grid as a very good share to buy and forget.

Rupert does not own any share mentioned in this article.

Read more from The Motley Fool UK here...

Will Wells Fargo Stock Reach a New 52-Week High Today?

Big banks had an exceptionally fantastic week as investors showered all with share price boosts. Bank of America (NYSE: BAC  ) , Citigroup (NYSE: C  ) , JPMorgan Chase (NYSE: JPM  ) , and Wells Fargo (NYSE: WFC  ) all rode the wave higher and higher, and all closed very near their 52-week highs.

For B of A, the meteoric rise is a bit of a stumper, considering the fact that it is facing a judge in a Manhattan courtroom this week, and the outcome of this hearing could have dire consequences for the big bank. Apparently, investors have faith -- and it's showing.

Citi had some good news, settling up with insurer Allstate (NYSE: ALL  ) over some cruddy MBSes, in a "mutually agreeable" manner, according to Bloomberg. JPMorgan and Wells likely felt pretty smug as Fannie Mae plummeted this week, along with Freddie Mac -- less than one week after telling Bloomberg how it has been squeezing mortgage originators out of profits by cutting the banks out of the lucrative securitization process.

For Wells, today promises to be another good day, and not just because of the general financial sector rally. In addition to the uplifting housing news this week, CEO John Stumpf spoke at an investors' conference in New York and took on a very prescient subject: interest rates. In plain language, Stumpf acknowledged the challenges that the current environment presents and even admitted that his bank may have erred in leaving too much cash on the sidelines, waiting for the big change-up to occur.

It's not very often that a big bank CEO admits to being wrong, but it's just this kind of straight shooting that has kept Wells' figurative head above water when peers were in danger of drowning. In the first hour of trading, Wells is down a smidge, but I think it will rally, and then some. Investors want honesty, and Wells will surely be the recipient of some appreciation on that score.

Wells Fargo's dedication to solid, conservative banking helped it vastly outperform its peers during the financial meltdown. Today, Wells is the same great bank as ever, but with its stock trading at a premium to the rest of the industry, is there still room to buy, or is it time to cash in your gains? To help figure out whether Wells Fargo is a buy today, I invite you to download our premium research report from one of The Motley Fool's top banking analysts. Click here now for instant access to this in-depth take on Wells Fargo.

A Closer Look at BHP Billiton's Dividend Potential

LONDON -- Dividend income accounts for about two-thirds of total returns -- the actual rate of return, taking into account both capital and income appreciation. Given that share prices are often volatile and unpredictable, the potential for plump dividends can give shareholders much-needed peace of mind for decent returns.

I am currently looking at the dividend prospects of BHP Billiton (LSE: BLT  ) (NYSE: BBL  ) and assessing whether the company is an appetizing pick for income investors.

How does BHP Billiton's dividend history stack up?

 Metric

2009

2010

2011

2012

FY dividend per share	$0.82	$0.87	$1.01	$1.12
DPS growth	17.1%	6.1%	16.1%	10.9%
Dividend cover	2.4	2.6	3.9	2.9

Source: BHP Billiton company accounts.

BHP Billiton has managed to keep dividends rolling higher in recent years, even in times of severe earnings pressure -- dividend hikes in 2009 and 2012 came despite respective earnings-per-share declines of 30% and 18% for those years.

Dividend rises have been relentless, if erratic, while a mix of earnings volatility has also seen dividend cover subsequently shake during the period. However, coverage has still remained above the security benchmark of two times prospective earnings.

What are BHP Billiton's dividends expected to do?

Metric 

2013

2014

FY dividend per share	$1.10	$1.25
DPS growth	(1.8%)	13.6%
Dividend cover	2.1	2.2
Dividend yield	3.8%	4.3%

Source: Digital Look. Exchange rate: £1=$1.51889.

City analysts are expecting a 29% EPS slide for the year ending June 2013 to be accompanied by a slight drop in the annual dividend. However, an anticipated 25% earnings snapback in 2014 will result in a strong resumption of dividend growth, according to estimates.

BHP Billiton carried out severe restructuring of its senior management team earlier this month, stripping out a layer of management as part of its bid to improve operational efficiency and slash outgoings. The steps included the appointment of nonferrous-metals head Andrew Mackenzie as chief executive -- he replaces former head Marius Kloppers, who oversaw heavy cost increases in recent years as expenditure and costs spiraled.

The mining giant saw underlying earnings before interest, depreciation, taxes, and amortization drop a hefty 29.3% in 2012 to $13.2 billion, with total revenue slumping 14.1% during the period to $32.2 billion. The company has since announced severe capex scale-backs and divestments in an effort to improve the balance sheet and provide a stable platform for future growth.

How do BHP Billiton's dividend prospects rate against the competition?

 

Prospective Dividend Yield

Prospective P/E Ratio

Mining	256.1%	15.9
FTSE 100	3.1%	15.9

Source: Digital Look.

BHP Billiton currently trades on a P/E readout of 12.7 for 2013, trading at a discount to both the FTSE 100 and its mining counterparts. It also beats the U.K.'s main share index in terms of forward dividend yield, although a handful of companies distort the projected figure for BHP Billiton's fellow dirt-diggers.

Instead, it is worth comparing the firm's metrics with other diversified miners. Glencore Xstrata carries a prospective yield of 3% and trades on a P/E rating of 11.8. And Rio Tinto deals on a forward earnings multiple of 7.9 and boasts a potential yield of 4%.

Although BHP Billiton's ongoing restructuring plan is making huge strides in the right direction, I believe the firm still represents a risky pick for investors. Much work still has to be accomplished to improve the shape of the company and cut costs to respectable levels, in my opinion, while still-volatile commodity prices continue to cloud the miner's earnings outlook. I believe BHP's projected dividend yields can be achieved elsewhere and with less risk attached.

The expert's guide for intelligent investors
Although BHP Billiton currently presents too much risk in my opinion, this newly updated special report highlights a host of other FTSE winners identified by ace fund-manager Neil Woodford. Woodford, head of U.K. Equities at Invesco Perpetual, has more than 30 years' experience in the industry and boasts an exceptional track record when it comes to selecting stock market stars. The report, compiled by The Motley Fool's crack team of analysts, is totally free and comes with no further obligation. Click here now to download your copy.

Price is right: Muni fund bets

Despite low yields, municipal bond funds still make sense for conservative investors interested in principal protection, modest income and diversification against their equity portfolios.

Among our favorites are the national funds from T. Rowe Price, which have generated consistently strong tax-free income with superior risk-adjusted returns. All feature a long-tenured manager, an extensive corps of credit analysts, generally mild volatility, and a low expense ratio.

Longer-Term

T. Rowe Price Summit Municipal Income (PRINX) and T. Rowe Price Tax-Free Income (PRTAX) are both managed by Konstantine Mallas, who has run the former fund since 1999 and the latter since 2007.

In the 10-year period ended March 31, 2013, Summit Municipal Income produced an annualized total return of 5.4%, vs. 4.5% for its average peer. Over the past five years, Tax-Free Income has returned 6.2% on an annualized basis, vs. 5.8% for its average peer.

Mallas generally attempts to add return by emphasizing credit analysis rather than making interest rate bets in his funds. So, interest rate risk is moderate, while the funds can benefit from the selection of bonds that the research team believes to be undervalued.

Summit Municipal Income and Tax-Free Income have significant overweight positions in bonds rated A and BBB (about 45% and 14%, respectively, in each portfolio), the lowest two tiers of investment-grade ratings.

Mallas has limited the funds' allocations to the longest-term municipals (20 to 30 years until maturity) to about 40% of assets, vs. nearly 60% for the category. This should help limit damage from any rise in very long-term rates.

Both funds emphasize 'revenue bonds' over 'general obligation' (GO) bonds. As a generality, general obligation bonds are safer than revenue bonds. But with funds it makes less difference, thanks to the safety embedded in effective diversification.

Between the two funds, Tax-Free Income courts less risk, with a greater emphasis on investment-grade bonds and slightly less sensitivity to changes in interest rates. It also has a lower minimum initial investment ($2,500, vs. $25,000 for Summit Municipal Income).

Of course, because it has a milder risk profile, it also pays out less income. Recently, Tax-Free Income had an SEC yield of 2.2% (equivalent to a 3.1% yield for an investor in the 28% tax bracket), vs. 2.5% for Summit Municipal Income (3.4% tax-equivalent yield).

Shorter-Term

Charles Hill has managed T. Rowe Price Price Summit Municipal Intermediate (PRSMX) since 1994 and T. Rowe Price Tax-Free Short-Intermediate (PRFSX) since 1995.

Over the past five years, Summit Municipal Intermediate had a return of 5.5% on an annualized basis, vs. 5.1% for the average intermediate- term municipal bond fund—and with 15% less volatility to boot.

The Short-Intermediate Fund has consistently outperformed the short-term muni average; it has generated a five-year-annualized return of 3.6%, vs. 2.6% for its average peer.

Both funds share an emphasis on quality: virtually all of their holdings are investment-grade, and each has only about 10% of its portfolio in BBB-rated bonds.

To help generate at least some yield, Hill has reduced exposures to the highest rated AAA bonds and invested in bonds with longer maturities—but the funds' overall interest rate sensitivity remains mild.

In Summit Municipal Intermediate, he has added positions in tax-free bonds backed by corporate issuers, citing their generally strong credit and profitability. In both funds, Hill emphasizes revenue bonds in the transportation and healthcare sectors that Price's muni analysts have favored recently.

Summit Municipal Intermediate has a $25,000 minimum initial investment and a 0.50% expense ratio. Its recent SEC yield of 1.3% is equivalent to a 1.8% taxable yield for an investor in the 28% tax bracket.

Tax-Free Short-Intermediate has a $2,500 minimum initial investment and a 0.50% expense ratio. Its recent SEC yield was a tiny 0.4%, which rises to 0.6% on a tax-equivalent basis in the 28% tax bracket.

Higher-Yield

James Murphy has managed T. Rowe Price Tax-Free High Yield (PRFHX) since 2001. Over the past 10 years, the fund has generated a 5.7% annualized return, vs. 4.9% for its average peer—and, with about 11% less volatility.

High yield municipal bond funds tend to invest in both lower-rated investment-grade and below-investment-grade bonds. Murphy recently had roughly the same exposure to bonds rated below investment grade as his competitors' average (about 14% of the portfolio).

He has recently emphasized bonds rated 'A' and 'BBB,' which together account for about 60% of the portfolio. The fund is heavily invested in healthcare (about 30%), pollution control (25%) and transportation bonds (13%).

Tax-Free High Yield recently yielded 3.3%, equivalent to a 4.6% yield to a taxable investor in the 28% tax bracket. Its expense ratio of 0.68% is significantly lower than its average peer's 1.00%.

This is the riskiest of Price's municipal bond funds: Tax-Free High Yield lost 21.5% in 2008, vs. losses of 8.0% and 5.8% in Spectrum Municipal Income and Tax-Free Income, respectively.

Although Tax-Free High Yield has exhibited lower volatility than the high yield municipal average, it has been 60% more volatile over the past five years than Tax-Free Income.

However, investors who fear rising rates should be interested to know that during periods in the past when rates have gone up over several months, Tax-Free High Yield has tended to outperform most investment-grade municipal bond funds.

Moody’s Corporation Boosts FY2014 Outlook (MCO)

On Tuesday morning, Moody’s Corporation (MCO) reported that it has boosted its outlook for FY2014.

The rating agency has raised its adjusted FY2014 outlook to a range of $3.95 to $4.05 per share. The company previously reported an outlook of $3.90 to $4.00 per share. Analysts are expecting to see earnings of $4.02 per share.

The expected EPS does not include a 36 cent gain in relation to MCO’s acquisition of controlling interest in ICRA Ltd. The outlook includes costs related to its WebEquity purchase.

On a GAAP basis, MCO expects to see earnings between $4.31 and $4.41 per share. Revenue is expected to rise in the low double digits. Analysts expect to see revenue of $3.30 billion.

MCO Dividend Snapshot

As of market close on September 29, 2014

Click here to see the complete history of MCO dividends.

Moody’s Corporation shares were mostly flat during pre-market trading Tuesday. The stock is up 19.93% YTD.

Dow Hits 17,000 On Jobs Report; Walgreen Same-Store-Sales Surge 7.5%

Related BZSUM Dow Trades Above 17,000 While S&P 500 Inches Closer To 2,000 #PreMarket Primer: Thursday, July 3: Much To Consider Despite The Short Day

Following the market opening Thursday, the Dow traded up 0.43 percent to 17,048.94 while the NASDAQ surged 0.37 percent to 4,474.01. The S&P also rose, gaining 0.35 percent to 1,981.49.

Leading and Lagging Sectors

In trading on Thursday, non-cyclical consumer goods & services shares were relative leaders, up on the day by about 0.56 percent. Top gainers in the sector included Rite Aid (NYSE: RAD), up 5.7 percent, and Lorillard (NYSE: LO), up 4.8 percent.

Utilities shares dropped 0.78 percent in today’s trading. Top decliners in the sector included Companhia de Saneamento Basico do Estado de Sao Paulo (NYSE: SBS), down 1.7 percent, and Public Service Enterprise Group (NYSE: PEG), off 1.9 percent.

Top Headline

Walgreen Co (NYSE: WAG) reported a 7.5% rise in its same-store sales in June.

Walgreen’s overall sales climbed 8.9% to $6.28 billion. Its same-store sales in the pharmacy section climbed 11.3% in June.

Walgreen’s same-store customer traffic declined 2%.

Equities Trading UP

PetSmart (NASDAQ: PETM) shares shot up 12.76 percent to $67.43 on news that activist investor Barry Rosenstein had acquired a 9.9 percent stake and will seek a review of strategic alternatives.

Shares of Lululemon Athletica (NASDAQ: LULU) got a boost, shooting up 3.26 percent to $42.75 after Dow Jones reported that the company’s founder Dennis Wilson, is exploring options , including a potential sale of the company to private equity.

Cree (NASDAQ: CREE) shares were also up, gaining 3.94 percent to $52.29. Oppenheimer upgraded Cree from Market Perform to Outperform.

Equities Trading DOWN

Shares of SYNNEX (NYSE: SNX) were down 5.46 percent to $69.89 after the company issued a downbeat outlook for the third quarter. It expected adjusted earnings of $1.45 to $1.50 per share on revenue of $3.3 billion to $3.4 billion. Analysts were projecting earnings of $1.53 per share on revenue of $3.29 billion.

NQ Mobile (NYSE: NQ) shares tumbled 34.32 percent to $4.44 after the company announced certain changes to its Board of Directors and provided a status update on its 2013 annual audit.

BIND Therapeutics (NASDAQ: BIND) was down, falling 10.56 percent to $11.52 after the company reported the closing of collaboration deal with Amgen (NASDAQ: AMGN).

Commodities

In commodity news, oil traded down 0.43 percent to $104.03, while gold traded down 1.07 percent to $1,316.70.

Silver traded down 1.04 percent Thursday to $21.08, while copper fell 0.15 percent to $3.26.

Eurozone

European shares were higher today.

The eurozone’s STOXX 600 rose 0.73 percent, the Spanish Ibex Index gained 0.37 percent, while Italy’s FTSE MIB Index surged 0.90 percent.

Meanwhile, the German DAX climbed 0.79 percent and the French CAC 40 rose 0.69 percent while UK shares climbed 0.66 percent.

Economics

The US economy added 288,000 jobs in June, while the unemployment rate declined to 6.1% versus 6.3%. However, economists were expecting an addition of 215,000 nonfarm jobs.

US jobless claims increased 2,000 to 315,000 in the week ended June 28. However, economists were projecting claims to reach 314,000 in the week.

US trade deficit narrowed 5.6% in May to $44.4 billion in May. The country’s exports increased 1% to $195.5 billion, while imports declined 0.3% to $239.8 billion.

The final reading of Markit PMI Services index fell to 61.00 in June, versus a prior reading of 61.20. However, economists were expecting a reading of 61.00.

Announced layoffs declined 31,343 in June versus 52,961 in May, according to outplacement consultancy Challenger, Gray & Christmas.

The ISM non-manufacturing index fell to 56.00 in June, versus a prior reading of 56.30. However, economists were expecting a reading of 56.30.

The Treasury is set to auction 3-and 6-month bills. The Treasury will also auction 3-and 10-year notes.

Data on money supply will be released at 4:30 p.m. ET.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Contracts Legal

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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