CFDTrading
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Wednesday, 25 February 2009 12:57:53 GMT
Written by John Rivera, Analyst
U.S. equity futures spent most the overnight session flat after yesterday’s bounce on the back of Fed Chairman Ben Bernanke’s testimony. The central bank head eliminated fears that the government would nationalize troubled banks, which has been weighing on the markets. Traders were hoping that President Obama in his first formal address to Congress would give more details pertaining to the course of action for the banking system. The president did pledge to do what was needed to reignite lending to consumers and businesses. However, he also spoke of more regulation for the financial markets which will not be welcomed news on the street. We could further clarification of the governments intentions in the upcoming days which could help build on yesterday’s rally. In the meantime Fed Chairman Bernanke will continue his testimony today which may help ease concerns further. The existing home sales report is expected to show a slight increase in purchases in January for a consecutive month. Yet, the number remains near all-time lows and will be an example of how much further the market needs to go before it is deemed healthy again.
Dow Jones 7350.94
The DJIA saw across the board gains yesterday led by a 11.3% increase from financials, which could lead to a retrace today as concerns over the sector linger.
NASDAQ 1441.83
The Nasdaq rose nearly 4% as tech stocks regained their favor with traders rising nearly 4% on the day. The sector is still viewed as the best positioned to take advantage of a rebound but its solid balance sheets also offers protection if the downturn continues.
S&P 500 773.14
The S&P 500 bounced from its November lows on the back of an 11.6% gain in financials. An improvement in existing home sales could help lift the broader index today as increasing demand will help boost home prices which have fallen by 18.5% which was the highest amount on record.
Current Snap Shot
CFDTrading provides news on the economic reports and political events that influence the CFD traders.
Written by John Rivera, Analyst
U.S. equity futures spent most the overnight session flat after yesterday’s bounce on the back of Fed Chairman Ben Bernanke’s testimony. The central bank head eliminated fears that the government would nationalize troubled banks, which has been weighing on the markets. Traders were hoping that President Obama in his first formal address to Congress would give more details pertaining to the course of action for the banking system. The president did pledge to do what was needed to reignite lending to consumers and businesses. However, he also spoke of more regulation for the financial markets which will not be welcomed news on the street. We could further clarification of the governments intentions in the upcoming days which could help build on yesterday’s rally. In the meantime Fed Chairman Bernanke will continue his testimony today which may help ease concerns further. The existing home sales report is expected to show a slight increase in purchases in January for a consecutive month. Yet, the number remains near all-time lows and will be an example of how much further the market needs to go before it is deemed healthy again.
Dow Jones 7350.94
The DJIA saw across the board gains yesterday led by a 11.3% increase from financials, which could lead to a retrace today as concerns over the sector linger.
NASDAQ 1441.83
The Nasdaq rose nearly 4% as tech stocks regained their favor with traders rising nearly 4% on the day. The sector is still viewed as the best positioned to take advantage of a rebound but its solid balance sheets also offers protection if the downturn continues.
S&P 500 773.14
The S&P 500 bounced from its November lows on the back of an 11.6% gain in financials. An improvement in existing home sales could help lift the broader index today as increasing demand will help boost home prices which have fallen by 18.5% which was the highest amount on record.
Current Snap Shot
CFDTrading provides news on the economic reports and political events that influence the CFD traders.
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