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Equities
Moody’s downgraded Japan’s debt by one notch, weighing on the Nikkei, which fell 1.1% to 8640, reversing from early gains. A similar scene played out around the region, as the Kospi closed down 1.2%, and the ASX 200 eased .1%. Weak earnings from China Life Insurance sent the complany’s shares tumbling 11.6%, and pushed the Hang Seng down 2.1%.
European markets rallied, with the DAX jumping 2.7%, the CAC40 gaining 1.8%, and the FTSE advancing 1.5%. Upbeat US durable goods orders helped boost the markets in the afternoon.
Back in the US, the Dow closed up 144 points to 11321, after zigzagging throughout the day. THE S&P 500 gained 1.3%, while the Nasdaq rose .9%.
Bank of America shares jumped 11%, leading the Dow. Toll Brothers gained 4.6% after beating analyst forecasts.
After the close, Apple’s CEO, Steve Jobs, announced he will resign due to medical issues.
Treasuries and Commodities
Bond prices fell sharply, with 10-year notes down 1 8/32 to yield 2.3%, and 30-year notes tumbled 3 2/32 to yield 3.66%.
Gold plunged $106 to 1755.40 as the precious metal fell for a second day after crossing the 1900 barrier earlier in the week. Silver tumbled 7.1% to 39.27, and platinum fell 3.7% to 1810.60.
Gold Tumbles more than $100
In energy, natural gas fell 1.9% to 3.917, and crude oil eased .14 to 85.30.
Currencies
The US Dollar rose modestly on Wednesday. The Pound fell .7% to 1.6378, leading the declines, followed by the Australian Dollar which sagged .5% to 1.0476. The Yen lost .4% to 76.99, and the Euro eased .1% to 1.4419.
Economic Outlook
Wednesday’s economic data was quite positive. US Durable Goods Orders gained .7% last month, far better than the .3% decline which analysts had anticipated. The Home Price index showed prices rose .9% in July, more than expected.
Investors are hoping Bernanke will signal additional government help is on the way, when he speaks at the Fed’s annual Jackson Hole symposium this Friday.
Binary Options Trading analysis written by Bradley Welcher
To read the Weekly fundamental analysis click here
Equities
Moody’s downgraded Japan’s debt by one notch, weighing on the Nikkei, which fell 1.1% to 8640, reversing from early gains. A similar scene played out around the region, as the Kospi closed down 1.2%, and the ASX 200 eased .1%. Weak earnings from China Life Insurance sent the complany’s shares tumbling 11.6%, and pushed the Hang Seng down 2.1%.
European markets rallied, with the DAX jumping 2.7%, the CAC40 gaining 1.8%, and the FTSE advancing 1.5%. Upbeat US durable goods orders helped boost the markets in the afternoon.
Back in the US, the Dow closed up 144 points to 11321, after zigzagging throughout the day. THE S&P 500 gained 1.3%, while the Nasdaq rose .9%.
Bank of America shares jumped 11%, leading the Dow. Toll Brothers gained 4.6% after beating analyst forecasts.
After the close, Apple’s CEO, Steve Jobs, announced he will resign due to medical issues.
Treasuries and Commodities
Bond prices fell sharply, with 10-year notes down 1 8/32 to yield 2.3%, and 30-year notes tumbled 3 2/32 to yield 3.66%.
Gold plunged $106 to 1755.40 as the precious metal fell for a second day after crossing the 1900 barrier earlier in the week. Silver tumbled 7.1% to 39.27, and platinum fell 3.7% to 1810.60.
Gold Tumbles more than $100
In energy, natural gas fell 1.9% to 3.917, and crude oil eased .14 to 85.30.
Currencies
The US Dollar rose modestly on Wednesday. The Pound fell .7% to 1.6378, leading the declines, followed by the Australian Dollar which sagged .5% to 1.0476. The Yen lost .4% to 76.99, and the Euro eased .1% to 1.4419.
Economic Outlook
Wednesday’s economic data was quite positive. US Durable Goods Orders gained .7% last month, far better than the .3% decline which analysts had anticipated. The Home Price index showed prices rose .9% in July, more than expected.
Investors are hoping Bernanke will signal additional government help is on the way, when he speaks at the Fed’s annual Jackson Hole symposium this Friday.
Binary Options Trading analysis written by Bradley Welcher