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U.S. stocks book 5th-straight week of gains
NEW YORK (MarketWatch)—The U.S. stock market ended the week in rally mode Friday. Sparked by a surprise dose of liquidity measures launched by China’s central bank and dovish comments from European Central Bank President Mario Draghi on Friday, U.S. equities recorded their fifth-straight week of gains.
After timidly moving higher over the course of the past few trading sessions, more detailed talk of stimulus by economic world leaders at some of the biggest, and most sluggish, economies helped push stocks higher. Shares pulled back off their highs later in the trading day, as some of the initial unabashed elation wore off.
Still, the S&P 500 and Dow Jones Industrial Average registered its best one-day gains in more than two weeks and closed at record levels for the 45th and 28th times this year, respectively.
The S&P 500 SPX, +0.52% closed 10.75 points, or 0.5% higher at 2,063.50, with broad-based gains led by materials and energy sector stocks. The benchmark index gained 1.2% over the week.
The Dow Jones Industrial Average DJIA, +0.51% jumped 91.06 points, or 0.5%, to 17,810.06, and booked a 1% gain over the week.
The Nasdaq Composite COMP, +0.24% rose 11 points, or 0.2%, to 4,712.97 and added 0.5% over the past five sessions.
J.J. Kinahan, chief derivatives strategist at TD Ameritrade, commenting on prices pulling back from even loftier levels speculated that the realization that today’s news from China and Europe was not all that good may be behind the fading of the rally.
“While in the short term, cutting rates and buying bonds by central banks is good for equities, the underlying reasons are not positive — those actions are a response to a slowing and weak demand. Their economies are in trouble,” said Kinahan.
“Also, the S&P 500 hit a resistance level at 2,071 and it’s not surprising to retrench a few times,” he added.
China’s central bank cut its one-year loan rate by 0.4 percentage points and its one-year deposit rate by 0.25 percentage points while saying it would allow more flexible deposit rates.
The ECB said it began buying asset-backed securities Friday, expanding its quantitative easing regimen. http://www.marketwatch.com/story/us-stocks-futures-rally-on-chinese-rate-cuts-dovish-draghi-2014-11-21?link=MW_home_latest_news
Gold, copper jump on central-bank news from China, Europe
China’s stimulus efforts seen lifting demand for industrial metals
NEW YORK (MarketWatch) — Gold prices climbed on Friday, reacting to dovish comments from European Central Bank President Mario Draghi and a surprise rate cut from China’s central bank.
Copper and other industrial metals also advanced as investors bet that China’s stimulus efforts will lead to more demand for those commodities from one of the world’s largest economies.
Gold for December delivery GCZ4, +0.81% settled at $1,197.70 an ounce, gaining $12.10 or 0.6% for the day. The contract traded above the $1,200 level that some traders watch closely, but wasn’t able to settle above that mark. December gold advanced 1% for the week. Meanwhile, December silver SIZ4, +1.91% jumped 26 cents, or 1.6%, to settle at $16.40 an ounce, advancing 0.2% for the week.
“The world is now fully united in printing money and debasing currencies, a situation that cannot end well,” wrote Peter Hug, global trading director at Kitco Metals Inc., in emailed comments on Friday. He was referring to the latest developments in Europe and China. “Do the metals have downside risk, sure, but from a longer-term [perspective], these levels will prove inexpensive, when, not if, inflation grabs.”
High-grade copper for December delivery HGZ4, +0.45% climbed by 1 cent, or 0.3%, to settle at $3.03 a pound, after also surrendering a larger intraday gain. The contract lost 0.7% for the week. http://www.marketwatch.com/story/gold-bounces-back-after-data-induced-drop-2014-11-21
9:18am Bottom Play $ELRA .0009 Good News: Elray Gaming – Quarterly Update http://www.marketwatch.com/story/elray-gaming—quarterly-update-2014-11-21?mod=mw_share_twitter&n_play=546f4986e4b019f3e09e8a2a
NEW YORK, Nov 21, 2014 (GLOBE NEWSWIRE via COMTEX) —
Elray Resources Inc. (otcpk:ELRA) trading as Elray Gaming announced that as per its latest Quarterly Filing, Revenues are up by 50% on the last Quarter and Company Debt has been significantly reduced.
Brian Goodman, CEO stated that, “Whilst this year has been challenging, the Company is now making solid progress. The Casino Operations in Asia are performing well and our focus on increasing company revenues and reducing debt have shown excellent results. The Company has reduced its convertible debt by over 1.5 Million Dollars over the last few months and whilst the convertible debt has converted into equity the outlook for Elray is very positive and expectations are that business will continue to grow, new products will be launched, new relationships will be formed and revenues will continue to increase in the coming months.” www.ElrayGaming.com
U.S. stocks: Futures rally on Chinese rate cuts, dovish Draghi
MADRID (MarketWatch) — A dovish European Central Bank President Mario Draghi and a rate cut from China’s central bank triggered a rally for stock futures on Friday, with the ground laid for another record-setting session for Wall Street.
Futures for the Dow Jones Industrial Average DJZ4, +0.59% surged 114 points, or 0.6%, to 17,808, while those for the S&P 500 index SPZ4, +0.68% jumped 28.75 points, or 0.6%, to 2,065.20. Futures for the Nasdaq-100 index NDZ4, +0.67% rose 28.75 points, or 0.7%, to 4,274.
China’s central bank cut its one-year loan rate by 0.4 percentage points and its one-year deposit rate by 0.25 percentage points, and said it would allow more flexibility in deposit rates.
Ahead of that, Draghi said the central bank will do what it “must to raise inflation and inflation expectations as fast as possible,” at a banking conference in Frankfurt. The comments were taken as a sign the ECB will step-up asset buying.
Correction off the table for now: After China’s move, the majority of the world’s big central banks now have loose policies, while there’s growing consensus that the Fed and the Bank of England will hold off near-term tightening, said Benjamin Yip, senior analyst at Amplify Trading.
“In light of this, stocks have been bid for the majority of the morning session and apart from some de-risking of portfolios and balance sheets ahead of the weekend, we cannot see any reason for a major correction,” Yip said in a note.
On Thursday, the S&P 500 SPX, +0.20% logged its 44th record close this year, though just a marginal 0.2% gain to 2,052.75. The Dow industrials DJIA, +0.19% logged a 27th record close. Trading volumes were thin, something Goldman Sachs said investors should get used to in the coming year. See also: Crash-caller Schiff says Fed will cause the next one
Stocks to watch: Shares of Foot Locker Inc. FL, +2.37% rose 2% after the sports retailer‘s profit and sales beat estimates. Another sports retailer, Hibbett Sports Inc. HIBB, +3.03% jumped 4% after lifting its outlook. Ann Inc. ANN, -0.89% will also report.
Gap Inc. GPS, -3.71% could see premarket pressure, after results late Thursday missed Wall Street forecasts and the retailer delivered a disappointing full-year outlook.
Splunk Inc. SPLK, +8.10% rose 8% after results topped analysts forecasts.
GameStop Corp. GME, -9.46% fell 9% after a set of weak results and outlook late Thursday.
Wynn Resorts Ltd. WYNN, -1.21% may take a hit in premarket trading, after The Wall Street Journal reported, citing sources, that the casino operator is being investigated by federal authorities over whether it broke money-laundering rules.
Europe rallies, euro hit: Europe got a big lift from Draghi’s comments and China, with the Stoxx 600 index SXXP, +1.60% up 1.7%, while the euro EURUSD, -0.93% slid against the dollar. The yen USDJPY, -0.22% rose against the dollar to around ¥117.83 after Japan Finance Minister Taro Aso said the yen decline had been “too fast.” The Nikkei 225 NIK, +0.33% snapped a four-day losing streak, rising along with the yen.
Among other assets, gold GCZ4, +0.59% and oil prices CLF5, +2.40% were also higher.