Monthly Archives: December 2010

The Dow made a new high overnight closing up 26 points albeit on thin trading. Confidence grows on the continued commitment of the Fed reserve to buy another $600 billion in Treasury notes as well as additional government stimulus after data came out which showed the US economic growth was less than expected in the third quarter. The forecast for GDP was 2.8% and came out as 2.6%. Inflation also unexpectedly fell as consumer costs increased at the lowest rate since 1959. Sales of existing homes also increased by less than expected in November which shows that the housing market is still having trouble recovering. Read more…

The Dow Jones Industrial Average closed at its highest level in more than two years on Tuesday, led by bank stocks bolstered by deal activity. The blue-chip measure rose 55.03 points, or 0.48%, to 11533.16, its highest close since Aug. 29, 2008. Bank of America gained 36 cents, or 2.9%, to $12.98, while J.P. Morgan Chase climbed 1.05, or 2.6%, to 41.00 and American Express rose 73 cents, or 1.7%, to 43.23. Read more…

Wall Street finished the session mixed as the Australian dollar climbed to a record high against the Euro over night. The Dow slipped finishing the session down 13.78 points to 11478.13. The Market is caught in the midst of two opposing forces, positive US macroeconomic news versus negative sentiment from Europe and concerns from the Korean peninsula. Read more…

US markets closed mixed on Friday as Moody’s came in and cut the Irish credit rating by five notches to BAA1, which is VERY close to junk. The news out of Europe rocked the European banking sector in particular, a lot of money flooded into the commodity space which should help support the Australian market this morning. Read more…

Dear traders and investors,

U.S. stocks hit fresh two-year closing highs Thursday following generally upbeat economic data and as global bellwether FedEx delivered an optimistic full-year forecast. The Dow Jones Industrial Average finished up 41.78 points, or 0.36%, to 11499.25, its highest closing level since Sept. 8, 2008. Alcoa led the blue chips higher, adding 50 cents, or 3.6%, to $14.46. Bank of America rose 23 cents, or 1.9%, to $12.52 as it has began settlement discussions with some of its largest mortgage investors. Meanwhile, American Express was the Dows worst performer, dropping $1.55, or 3.4%, to $44.57.
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The Dow closed down 20 points after making a two year high yesterday as concerns still weigh on Europes debt crisis. Better than expected US data figures came out which showed that industrial production growth increased by 0.4% for November. The labor department showed the consumer price index increased by 0.1% which was less than expected. The US dollar was boosted by this data as it shows the US economy is rebounding. This saw gold fall around $17 to $1387.20 an ounce on profit taking. Read more…

U.S. stocks rose to two-year closing highs Tuesday as the Federal Reserve stuck to its easy-money policy and economic data showed improvement. The Dow Jones Industrial Average closed up 48 points, or 0.4%, to 11477, its highest close since Sept. 8, 2008. Shortly after the Feds statement was released, the measure hit 11514, its highest intraday level since September 2008. But the Dow pulled back from the two-year intraday high later in the session along with other market measures as investors fretted that the combination of the Federal Reserve’s continued easy-money policy and improving economic data could spur inflation. Read more…

Positive economic news from the US and China have helped drive global equities markets to their highest level in over two years, a Christmas rally of sorts. U.S. stocks erased gains in the final hour of trading as the Senate began to vote on President Obama’s tax-cut agreement. The Dow did manage to finish the session up 18.24 points, but rose as much as 70 points earlier in the session. Read more…

US markets managed gains on Friday night on the back of better than expected economic data, namely the Commerce department report showing that the US trade balance unexpectedly narrowed 13% in October as Exports rose 3.2% and imports dropped 0.5%, also the University of Michigan index of consumer confidence advanced to 74.2 for early December from 71.6 in November. At the close the Dow Jones Industrial Average was 40 points or 0.35% higher, the broader S&P 500 higher by 7.4 points or 0.6% and the NASDAQ composite rose some 21 points, or 0.8%. Read more…

Dear investors and traders,

Yesterday we saw a strong day with the XJO up 40+ points with strength across all sectors with the exception of retailers. Yesterday’s employment figures smashed expectations, sending the AUD rallying against most crosses in anticipation of further rate hiking by the RBA.
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