Draghi comments help lift the market $DXc1
- Published: 27 July 2012
- Stocks were higher overnight after encouraging comments from ECB President Mario Draghi saw investors take a more risk on approach overnight. Draghi was quoted as saying the ECB would do whatever it takes to support the Euro. The market is now looking to the Federal Reserve for further indication of a potential stimulus package
- Also adding to the positive sentiment was the surprising news that the Weekly Jobless fell 35k to an adjusted 353k which is close to a four year low. Durable Goods orders also jumped 1.6% as aircraft demand rose
- In earnings news Exxon Mobil missed earnings on weaker output however managed to rally with the broader market. 3M topped expectations up 3.07%. Dow Chemical fell 3.6% after reporting a lower than expected estimate and FaceBook also fell 8.5% due to weak earnings from social game marker Zynga. FaceBook reported after the bell and disappointed the market, the stock then proceeded to fall another 10.93% in after market trading
- Amazon reported with higher revenue but margins were slashed due to heavy investment in the business. The stock managed to rally slightly
- DOW +1.67%, S&P500 +1.65% and NASDAQ +1.37%
- The USD was steady with gold higher on Draghi comments, oil rose higher
