SamTrader1
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By BinaryOptionStrategy.com
Markets
Stocks gained modestly on Friday, remaining on pace to end the week with the best results in nearly 5 weeks. This comes amid lukewarm economic news. The Dow Jones Industrial Average rose more than 40 points after rallying to a new record high. Again, this occured despite slow first-quarter growth figures and disappointing weekly jobless claims. The S&P 500 rose slightly while the tech-heavy Nasdaq traded flat. Both indices also hit new multi-year highs on Thursday. The CBOE Volatility Index fell below 15.
DJIA
FOREX
It was an appropriate way to end the week and month. The battered, beaten and bruised US dollar slid to its lowest level on a trade weighted basis since July 30th, 2008. A move which fully erased the safe haven premium the currency had built up through the collapse of the housing crisis and the global financial crisis that followed. This return to lows is fully in line with the diminishing fundamental scope of the USD over time as the currency slowly loses its reserve status. The greenback is nudged out by emerging global powerhouses such as the Euro and Chinese Yuan, and offers no return alongside its excessive liquidity. With that being said, the 5 consecutive months of decline for the dolla,r should give even the most ardent bear reason for pause. Though there are few sources of true fundamental strength the benchmark can tap; there are still a few catalysts that can offer a temporary recovery. It will remain to be seen if ths can actually happen.
EUR/USD
COMMODITIES
Silver and gold rose slightly as the dollar fell to a three year low against a basket of currencies. Silver futures for May delivery surged 28.3 percent in April to close at $48.58, the largest monthly gain in Comex history, while gold futures for May delivery rose 8.14 percent in April to close at a record $1,556.
GOLD
EQUITIES
SunPower skyrocketed more than 30 percent after Total SA, an integrated oil and gas company, said it plans to buy a 60 percent stake in the US maker of solar panels for about $2.3 billion. The news lifted the solar sector as it showed potential value in the industry. Trina Solar, and First Solar both gained. Verizon fell after Citigroup cut the wireless communications provider to “hold” from “buy,” citing valuation. Apple gained after slumping Thursday a day before the Nasdaq consolodated the company, reducing Apple’s weighting from about 20 percent of the index to about 12 percent.
Markets
Stocks gained modestly on Friday, remaining on pace to end the week with the best results in nearly 5 weeks. This comes amid lukewarm economic news. The Dow Jones Industrial Average rose more than 40 points after rallying to a new record high. Again, this occured despite slow first-quarter growth figures and disappointing weekly jobless claims. The S&P 500 rose slightly while the tech-heavy Nasdaq traded flat. Both indices also hit new multi-year highs on Thursday. The CBOE Volatility Index fell below 15.
DJIA
FOREX
It was an appropriate way to end the week and month. The battered, beaten and bruised US dollar slid to its lowest level on a trade weighted basis since July 30th, 2008. A move which fully erased the safe haven premium the currency had built up through the collapse of the housing crisis and the global financial crisis that followed. This return to lows is fully in line with the diminishing fundamental scope of the USD over time as the currency slowly loses its reserve status. The greenback is nudged out by emerging global powerhouses such as the Euro and Chinese Yuan, and offers no return alongside its excessive liquidity. With that being said, the 5 consecutive months of decline for the dolla,r should give even the most ardent bear reason for pause. Though there are few sources of true fundamental strength the benchmark can tap; there are still a few catalysts that can offer a temporary recovery. It will remain to be seen if ths can actually happen.
EUR/USD
COMMODITIES
Silver and gold rose slightly as the dollar fell to a three year low against a basket of currencies. Silver futures for May delivery surged 28.3 percent in April to close at $48.58, the largest monthly gain in Comex history, while gold futures for May delivery rose 8.14 percent in April to close at a record $1,556.
GOLD
EQUITIES
SunPower skyrocketed more than 30 percent after Total SA, an integrated oil and gas company, said it plans to buy a 60 percent stake in the US maker of solar panels for about $2.3 billion. The news lifted the solar sector as it showed potential value in the industry. Trina Solar, and First Solar both gained. Verizon fell after Citigroup cut the wireless communications provider to “hold” from “buy,” citing valuation. Apple gained after slumping Thursday a day before the Nasdaq consolodated the company, reducing Apple’s weighting from about 20 percent of the index to about 12 percent.