Monthly Archives: June 2011
US stocks rally on passing of Greek aid
US markets closed up 72 points on the long awaited Greek austerity package passage as the indebted country will now receive another round of aid. Greek Prime minister Papandreou will secure a bill outlining the strategy for a 78 billion euro package of budget cuts and asset sales. Read more…
Markets rally as Greece funding worries subside
The Dow Jones Industrial Average rose 145.13 points, or 1.21%, to 12188.69, for the measures biggest one day gain since April 20. Investors were encouraged after German banks agreed in principle to roll over about $10 billion in Greek government debt, fuelling hopes that Greek debt worries could soon be put aside. Greek lawmakers are set to cast a key austerity vote Wednesday. Read more…
Local Market set to open in positive territory
The Aussie market is likely to open higher after offshore markets fared better overnight. The positive move from offshore should help our market trade firmer however trade may still be tentative as investors continue to focus on Greece. The SPI is currently up 39 points, pointing to an open above 4500 points. Read more…
Overseas Markets sell off as Euro Debt worries continue
Continued worries about Greek debt problems and fears about contagion continued to weigh on the global indexes Friday night, although strength in miners in London offset the steep falls seen in Financials which kept the FTSE modestly in positive territory, closing higher by some 0.41%, Italian Banks suffered steep losses amid heavy selling brought on by concerns about the future profitability of the banks as borrowing costs rise on the back of Euro zone debt issues, and the current business models appear broken. Read more…
Crude falls as markets are pumped with reserves
After plunging nearly 235 points intraday, the Dow Jones Industrials regained most of these losses to close down just 59.67 points to 12,050. The S&P 500 shed 3.64 points while the tech orientated NASDAQ gained 17.56 points to 2,686.75. In the UK, the FTSE fell 98.61 points to 5,674.38 due to concerns about oil demand.
US rally halted on Federal Reserve outlook on US growth
US markets closed down 80 points on the back of the Federal Reserves lower than expected economic growth outlook. As the Federal Reserve plans to end its $600 billion asset buying program on the 30th of June, in its statement after the meeting, Bernanke failed to show signs that measures would be taken to increase growth and jobs. It was also reinstated that short term interest rates would remain near zero. Concerning the market the most was that the anticipated slowdown in growth is not only due to supply chain disruptions caused by the Japanese disaster, but weakness in the financial and housing sectors. On a positive note, boosting up the market was a positive earnings report from FedEx, the world’s largest air-cargo carrier which beat expectations; a sign of industrial sector growth.
Fourth straight day of gains in the US
U.S. stocks closed sharply higher Tuesday, notching a fourth-straight day of gains, as investors bet Greece will take the appropriate actions to avert a sovereign debt default.
Relief hits the markets as IMF and Co. pledge to assist Greece
Wall Street traded higher on a relief rally as European leaders pledged to resolve the issue of Greek Debt Default which is weighing on global equity markets. Tonight the Greek Parliament will vote to determine where the new cabinet will be able to push through austerity measures. The measures need to be passed to ensure the country receives additional financial aid from the International Monetary Fund and fellow euro-zone members. The Dow rose 76 points to close at 12,080 points. While the S&P 500 tracked higher up 6.86 points to 1278 points. Read more…
Quiet week domestically, focus to remain on Greece
US Markets mostly higher on Friday night as confidence grew that a Greek Bailout would eventuate following German Chancellor Merkel throwing her weight behind a rollover of some debt, but keep in mind this would only assist with about a third of a problem which was likely the reason the Dow closed higher by 42 points but some 70 points from the session high (but Moodys placing Italy on credit alert didnt help the situation), the broader S&P 500 managed gains of just 2 points while the Tech heavy NASDAQ suffered a loss of 7 points largely as a result of blackberry maker RIM plummeting 21% throughout the session after a profit downgrade. Gains for the session were driven by the Financial, Telecom and Consumer Discretionary sectors, while the Energy sector weighed as crude slipped some USD 2 a barrel to 93.02.
Global markets end mixed
Recovering from a 179 point drop on Wednesday, the Dow Jones Industrials ended the Thursday session in the black by 64.25 points to 11,961.52, the S&P 500 had a modest 2.2 point gain to 1,267.64 after a choppy session with Wall Street veering between the debt crises in Greece and U.S. economic data that offered some early respite. Read more…