Market rallies on Federal Reserve commitment $AUDUSD
- Published: 03 September 2012
- US markets ended the week on a positive note as investors gained confidence from Federal Reserve Chairman Ben Bernanke reiterating his promise to act if the economy requires further stimulus
- Although the market was slightly disappointed with the speech and expected stronger commentary, gold did manage to rally strongly with gold majors Barrick and Goldcorp rallying 3.86% and 4.08% respectively
- Spain looks to reform its troubled banking sector after it approved a banking reform act. Officials hope that the reforms will see credit start to flow again as the sector continues to struggle from souring property loans
- Facebook continues to sell off after its much publicized IPO with the stock falling another 5.4% to close at $18.05 after broker downgrades
- Data analytics software maker Splunk rallied 12.79% after it topped estimates and also increased their earnings outlook
- DOW +0.69%, S&P500 +0.51% and NASDAQ +0.60%
- The USD fell to its lowest level in 3 months and the AUD made a 1.0238 low
- Gold moves to near five month highs and Crude steadies after Fed speech
