SamTrader1
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Markets
Stocks accelerated their selloff to finish near session lows. This occured in light, choppy trading Friday as investors were hesitant to remain in the market ahead of a weekend, amid worries over a global recession in addition to the ongoing Euro zone fears. All three major averages logged their biggest four week decline since March of 2009, with the S&P tumbling almost 16 percent during the period.
The DJIA shed 172.93 points, or 1.57 percent, to finish at 10,817.65. The S&P 500 fell 17.12 points, or 1.50 percent, to end at 1,123.53. Many traders are now watching 1,101 as the next support level. The Nasdaq fell 38.59 points, or 1.62 percent, to close at 2,341.84.
S&P500
FOREX
With little of note on the UK economic calendar this week, the Sterling is set to take its cues from trends in underlying sentiment across financial markets in the week ahead. As of now, the Sterling remains significantly correlated with the S&P 500, which is a proxy for investors’ risk appetite, although to a lesser extent than more traditional sentiment geared currencies like the Australian or the Loonie. First, this puts the spotlight on the central bankers’ symposium in Jackson Hole, Wyoming where Fed Chairman Bernanke is set to speak on Friday, with a handful of key economic data releases important to keep an eye on as the week progresses.
GBPUSD
COMMODITIES
The USD, plunged to a record low against the Yen and oil settled mixed in volatile trading with crude falling 12 cents to settle at $82.26 and London Brent crude gaining $1.63 to finish at $108.62. Gold settled at a record high of $1,852.
Gold
EQUITIES
Gold mining shares were among the biggest gainers, with Newmont Mining and Goldcorp up almost 3 percent each. Hewlett-Packard declined sharply for a second day after the IT giant said it was considering a spinoff of its PC business and that it had struck a deal to buy UK software maker Autonomy. In addition, the Dow component also posted earnings that met expectations. However, HP slashed its full year forecast.
Stocks accelerated their selloff to finish near session lows. This occured in light, choppy trading Friday as investors were hesitant to remain in the market ahead of a weekend, amid worries over a global recession in addition to the ongoing Euro zone fears. All three major averages logged their biggest four week decline since March of 2009, with the S&P tumbling almost 16 percent during the period.
The DJIA shed 172.93 points, or 1.57 percent, to finish at 10,817.65. The S&P 500 fell 17.12 points, or 1.50 percent, to end at 1,123.53. Many traders are now watching 1,101 as the next support level. The Nasdaq fell 38.59 points, or 1.62 percent, to close at 2,341.84.
S&P500
FOREX
With little of note on the UK economic calendar this week, the Sterling is set to take its cues from trends in underlying sentiment across financial markets in the week ahead. As of now, the Sterling remains significantly correlated with the S&P 500, which is a proxy for investors’ risk appetite, although to a lesser extent than more traditional sentiment geared currencies like the Australian or the Loonie. First, this puts the spotlight on the central bankers’ symposium in Jackson Hole, Wyoming where Fed Chairman Bernanke is set to speak on Friday, with a handful of key economic data releases important to keep an eye on as the week progresses.
GBPUSD
COMMODITIES
The USD, plunged to a record low against the Yen and oil settled mixed in volatile trading with crude falling 12 cents to settle at $82.26 and London Brent crude gaining $1.63 to finish at $108.62. Gold settled at a record high of $1,852.
Gold
EQUITIES
Gold mining shares were among the biggest gainers, with Newmont Mining and Goldcorp up almost 3 percent each. Hewlett-Packard declined sharply for a second day after the IT giant said it was considering a spinoff of its PC business and that it had struck a deal to buy UK software maker Autonomy. In addition, the Dow component also posted earnings that met expectations. However, HP slashed its full year forecast.
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