Aug 14 2015

Rate Range Projection by Bank

Next week 124.00 – 125.20

Next 3 months 120.00 - 127.00


Gains in shares of retailers helped buoy the market. Nordstrom (JWN.N) and J.C. Penney (JCP.N) both rose after the department store chains posted better-than-expected quarterly results. Stocks hit session highs late in the session after Belgium's Finance Minister told Reuters in Brussels that euro zone finance ministers had agreed to a Memorandum of Understanding drafted by institutional negotiators, "with some additional measures."

U.S. stocks ended a volatile week higher on Friday after upbeat U.S. economic data and as euro zone finance ministers agreed to launch a third bailout program for Greece. All three major indexes also ended the week with slight gains, bouncing back from losses earlier in the week set off by worries over a slowdown in China and a yuan devaluation.

"I think the bulls are nervous and bears are hoping for a big market decline once the Fed does finally hike rates," he said. That kept the market from breaking out of its trading range, said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

U.S. producer prices rose for a third straight month in July, suggesting the drag on inflation from weaker oil prices was easing, while industrial output advanced at its strongest pace in eight months. Though the Chinese currency devaluation added some uncertainty to the outlook for a Federal Reserve interest rate hike, most traders and economists are still expecting a September increase.