This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
MEDIA ADVISORY, April 17, 2013 (GLOBE NEWSWIRE) -- Precious Metals and Gold stocks fell sharply this week as concerns over Chinese growth ignited a market sell-off and continued a trend in lower gold and commodity prices.
The Philadelphia Gold and Silver Index fell 19.4% for the week ended April 16, 2013. The weakness in commodities also led to a market-wide stock sell-off in the U.S. Monday, before a partial rebound Tuesday. The
NASDAQ Composite Index (COMP) fell by 2.4% Monday but ended the week up 0.8%.
"The release of Chinese GDP data hurt commodity stocks this week, including industrial and precious metals. Gold was also under pressure from a lack of inflation and concerns over central bank gold sales. Crude has also been for sale due to supply concerns," said Dave Gedeon, Managing Director, NASDAQ OMX Global Indexes.
TOP WEEKLY INDEX MOVERS (+/-)
TOP 5 EQUITY INDEXES:
NASDAQ BIOTECHNOLOGY INDEX (NBI)
PHLX OIL SERVICE SECTOR INDEX (OSX)
PHLX HOUSING INDEX (HGX)
NASDAQ EM EUROPE INDEX (NQEMEU)
NASDAQ INTERNET INDEX (QNET)
TOP 5 COMMODITY INDEXES:
PHLX GOLD/SILVER INDX (XAU)
NASDAQ COMMODITY SILVER INDEX ER (NQCISIER)
NASDAQ COMMODITY PRECIOUS METALS INDEX ER (NQCIPMER)
NASDAQ COMMODITY GOLD INDEX ER (NQCIGCER)
NASDAQ COMMODITY CRUDE OIL INDEX ER (NQCICLER)
OTHER NOTABLE INDEX MOVES THIS WEEK
The Department of Energy is expected to report Crude Oil Inventories at 10:30 am on April 17 th. The NASDAQ Commodity Crude Oil Index (NQCICLER) fell 5.8% last week and traders will be looking at supply levels.
The NASDAQ NATURAL GAS INDEX (NQCINGER) was up 3.2% last week and has been rallying in recent months as supplies tightened during colder than normal weather.
Looking forward to tomorrow, Initial Jobless Claims and the Conference Board's index of Leading Indicators will be released. A disappointment with either of these releases would draw attention to defensive stocks. The Philadelphia Utility Index (UTY) rose 1.2% last week.
CONTACT: MEDIA CONTACTS: