Stocks Slip After Five Week Rally

After ending almost flat but on a positive note on Thursday, U.S. stocks moved lower in the morning session on Friday and were on course to snap a five-week advance. An increase in jobless claims and anticipation of an interest rate hike by the Federal Reserve at its mid-September meeting made investors cautious. A rise in monthly retail sales and better than expected consumer sentiment data failed to boost the markets. The S&P 500 SPX which ended 1.8 points higher at 1,997 was trading 7 points lower at 1,990.21 as utilities and energy stock declined. The Dow was also .04% lower at 17,001.22 while the Nasdaq shed 14 points in early trading to 4,579.16.
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Yahoo Inc. Biggest Winner Of The Week

Some of the early gainers on Friday included Alliance Data Systems (NYSE: ADS). The company’s share price was up 2.88% to $260.15 following its plans to buy major digital marketer Conversant at $35 per share. Shares of Conversant (NASDAQ: CNVR) also jumped 30.40% to $34.83. Following better than expected second quarter results, shares of ULTA Salon, Cosmetics & Fragrance (NASDAQ: ULTA) were up 17.97% to $115.00. In early trading Yahoo! Inc. rose 1.4 percent to$41.84 as the Alibaba initial public offering next week could fetch the company over $23 billion. Yahoo is set to gain as much as $8 million from the IPO. The final price for Alibaba’s shares will be set on Sept. 18 after, with trading set to commence the next day. Yahoo Inc. shares are on course for an 8% weekly gain.
US Dollar Registers Longest Rally In 17 Years

The US dollar index .DXY is set for its best run in 17 years and was last at 84.279. The greenback reached its strongest against the yen in six years and was last trading at 107.28. The euro remained under pressure and was set to end the week near $1.28 following reports that the ECB vice president Vitor Constancio admitting that the bank hasn’t ruled out a quantitative easing program. Although the ECB announced a cut in rates to new lows it decided to focus on increasing the flow of credit rather than buy government debt. Fears of Scotland breaking away from the UK which put pressure on the pound sterling have lessened following a poll that indicated people not in favor of Scottish independence. The sterling hit a one-week high against the dollar and was last trading at $1.6243.
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