SamTrader1
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Equities
In Japan, the Nikkei rallied 1.6% as investors applauded the ongoing loose money approach of the US Federal Reserve, while China’s Shanghai Composite fell 1.3% on rumors of further tightening measures. The Hang Seng eased .4%, and the Kospi edged up .1%.
European markets mostly rose, although the FTSE ended flat. The DAX rallied 1%, and the CAC40 climbed .9%. UK markets will be closed on Friday for the Royal Wedding.
US markets extended their gains, with the Dow rising 72 points to 12763 and the S&P 500 gaining .4%. The Nasdaq lagged behind, up just .1%, but reached its highest close since December 2000.
Dow Rallies 72 Points to Fresh Multi-Year Highs
Aetna shares rose 4.1% on strong profits and raised its yearly profit target. Citrix Systems soared 9.9% on strong earnings, and was upgraded by numerous brokerages.
Treasuries and Commodities
Bonds rose, with 10-year notes up 12/32 to yield 3.31% and 30-year notes gained 22/32 to yield 4.41%. A $29 billion auction of 7-year notes had a high yield of 2.712% a bid-to-cover ratio of 2.63.
Oil eased slightly to close at 112.84, while gold extended its gains, rising to a new record 1535.80. Silver rose .60 to 48.64, and copper gained .4% to 4.245.
Agricultural futures tumbled, as wheat fell 4.4% and corn dropped 3.9%.
Currencies
The dollar continued to fall on Thursday, with no end in sight. The Australian Dollar jumped .7% to 1.0926, after rising to a new record 1.0948. The Yen soared .9% to 81.55, and the Swiss Franc gained .3% to .8732.
Economic Outlook
Quarterly GDP data showed the US economy grew at 1.8%, slightly below the 1.9% analyst estimate, and well below the 3.1% from last quarter. Unemployment claims were significantly higher than expected, coming in at 429K vs. an estimate of 392K. The data confirms Bernanke’s comments on Wednesday that growth remains slow and needs additional government support.
Pending Home Sales jumped 5.1%, well above estimates of 1.6%, a very positive sign for the housing market.
Friday’s reports will include Personal Income and Spending, Chicago PMI and Consumer Sentiment.
Earnings are due from Caterpillar, Chevron and Merck.
By, BinaryOPtionStrategy.com
In Japan, the Nikkei rallied 1.6% as investors applauded the ongoing loose money approach of the US Federal Reserve, while China’s Shanghai Composite fell 1.3% on rumors of further tightening measures. The Hang Seng eased .4%, and the Kospi edged up .1%.
European markets mostly rose, although the FTSE ended flat. The DAX rallied 1%, and the CAC40 climbed .9%. UK markets will be closed on Friday for the Royal Wedding.
US markets extended their gains, with the Dow rising 72 points to 12763 and the S&P 500 gaining .4%. The Nasdaq lagged behind, up just .1%, but reached its highest close since December 2000.
Dow Rallies 72 Points to Fresh Multi-Year Highs
Aetna shares rose 4.1% on strong profits and raised its yearly profit target. Citrix Systems soared 9.9% on strong earnings, and was upgraded by numerous brokerages.
Treasuries and Commodities
Bonds rose, with 10-year notes up 12/32 to yield 3.31% and 30-year notes gained 22/32 to yield 4.41%. A $29 billion auction of 7-year notes had a high yield of 2.712% a bid-to-cover ratio of 2.63.
Oil eased slightly to close at 112.84, while gold extended its gains, rising to a new record 1535.80. Silver rose .60 to 48.64, and copper gained .4% to 4.245.
Agricultural futures tumbled, as wheat fell 4.4% and corn dropped 3.9%.
Currencies
The dollar continued to fall on Thursday, with no end in sight. The Australian Dollar jumped .7% to 1.0926, after rising to a new record 1.0948. The Yen soared .9% to 81.55, and the Swiss Franc gained .3% to .8732.
Economic Outlook
Quarterly GDP data showed the US economy grew at 1.8%, slightly below the 1.9% analyst estimate, and well below the 3.1% from last quarter. Unemployment claims were significantly higher than expected, coming in at 429K vs. an estimate of 392K. The data confirms Bernanke’s comments on Wednesday that growth remains slow and needs additional government support.
Pending Home Sales jumped 5.1%, well above estimates of 1.6%, a very positive sign for the housing market.
Friday’s reports will include Personal Income and Spending, Chicago PMI and Consumer Sentiment.
Earnings are due from Caterpillar, Chevron and Merck.
By, BinaryOPtionStrategy.com