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Mid-Day Market Update: August 14, 2012

Financial News Network
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August 15, 2012 AT 5:54 PM
This is your Mid-day Market Update for August 14. Stocks showing modest gains Tuesday on news of strong retail sales in July amid global economic woes.The Commerce Department reported retail sales jumped an unexpected 0.8% in July from the previous month. Analysts were expecting a rise of just 0.3%. The news could be seen as a sign the U.S. economy is on the road to recovery. But, with investors still looking to Europe, gains in the market are minimal in today's session. Oil and Gold trading mixed so far today. Oil is up over $93 a barrel and gold is down $8 on the day to $1,605 an ounce.A big winner so far in today's session is Michael Kors. The retailer's stock is up over 13% due to its profits almost tripling for the quarter. One of the biggest losers is Groupon. Its shares are down over 24% on negative revenue results for the quarter.Currently, the Dow is up 48 points to 13,217. The S&P is up by over 5 points and the Nasdaq has gained 10 points so far today.For more market updates and analysis of the business world follow us on twitter @FNNOnline or check out our website at fnno.com