SamTrader1
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EquitiesAsian markets were mostly higher, with the Nikkei rising 62 points to 10808, now up every day this week. The Shanghai Composite gained .9%, and the Hang Seng rallied 1.1%, while the ASX 200 closed flat.
Continuing the advance, European markets rallied. The FTSE rose .8%, and the CAC40 closed up 1%. Excellent earnings from Societe Generale boosted the banking sector by 2.4%.
Unwilling to be left behind, the Dow rose .5% to 12288, and the Nasdaq jumped .8%. The S&P rose .6% to 1336.32, doubling the March 2009 low of 666.79.
S&P Doubles From 2009 LowShares in Dell leaped 12% higher after blowing past analyst estimates. Office Max shares sank 10% after warning of a weak sales outlook. Family Dollar soared 21% on news that the company would be going private for $7.6 billion.
Treasuries and Commodities
Bonds moved down slightly, with the 10-year note off 8/32 to yield 3.63% and the 10-year note down 10/32 to yield 4.68%.
Brent crude leaped 2.54 to $104.18 a barrel on news that Iran will be sending two warships through the Suez Canal to Syria, potentially escalating tensions with Israel. US crude futures rose a more modest .8% to 85, and gasoline gained 2.1%.
Precious metals traded flat, while copper lost .8%, dropping to 4.498. In the agricultural sector, cotton prices jumped 3.7% and sugar surged 3.1%
Currencies
The dollar fell moderately against nearly all major currencies. The Euro advanced .6% to 1.3566 and the Swiss Franc closed up .8% to .9596. The Australian dollar rose .7% and the Canadian dollar gained .5%, while the Pound eased .2% and the yen traded flat.
Economic OutlookCore PPI rose more than expected, up .5% (vs. .2% expected), while the broader PPI was less than expected (.8% vs. .9%) showing a mixed picture of inflation data. Housing starts slightly exceeded expectations, and the FOMC minutes revealed serious considerations have been made to scale back the $600 billion bond buying program.
Thursday’s reports will include CPI, Leading Indicators and the Philadelphia Fed Survey.
Earnings are due from Barrick Gold and Nordstrom.
-Bradley Welcher
Continuing the advance, European markets rallied. The FTSE rose .8%, and the CAC40 closed up 1%. Excellent earnings from Societe Generale boosted the banking sector by 2.4%.
Unwilling to be left behind, the Dow rose .5% to 12288, and the Nasdaq jumped .8%. The S&P rose .6% to 1336.32, doubling the March 2009 low of 666.79.
S&P Doubles From 2009 LowShares in Dell leaped 12% higher after blowing past analyst estimates. Office Max shares sank 10% after warning of a weak sales outlook. Family Dollar soared 21% on news that the company would be going private for $7.6 billion.
Treasuries and Commodities
Bonds moved down slightly, with the 10-year note off 8/32 to yield 3.63% and the 10-year note down 10/32 to yield 4.68%.
Brent crude leaped 2.54 to $104.18 a barrel on news that Iran will be sending two warships through the Suez Canal to Syria, potentially escalating tensions with Israel. US crude futures rose a more modest .8% to 85, and gasoline gained 2.1%.
Precious metals traded flat, while copper lost .8%, dropping to 4.498. In the agricultural sector, cotton prices jumped 3.7% and sugar surged 3.1%
Currencies
The dollar fell moderately against nearly all major currencies. The Euro advanced .6% to 1.3566 and the Swiss Franc closed up .8% to .9596. The Australian dollar rose .7% and the Canadian dollar gained .5%, while the Pound eased .2% and the yen traded flat.
Economic OutlookCore PPI rose more than expected, up .5% (vs. .2% expected), while the broader PPI was less than expected (.8% vs. .9%) showing a mixed picture of inflation data. Housing starts slightly exceeded expectations, and the FOMC minutes revealed serious considerations have been made to scale back the $600 billion bond buying program.
Thursday’s reports will include CPI, Leading Indicators and the Philadelphia Fed Survey.
Earnings are due from Barrick Gold and Nordstrom.
-Bradley Welcher
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