QE3 pushes stocks to multi year highs $XAUUSD
- Published: 14 September 2012
- The Federal Reserve has moved to instigate another round of quantitative easing to help stimulate growth in the US economy and push down the unemployment rate, which despite multiple rounds of stimulus has remained above the 8.00% level. Otherwise known as QE3, the Federal Reserve has begun another bond buying program in which it will buy $40 Billion worth of bonds every month until it decides otherwise. The Fed hopes to push interest rates lower and therefore force investors into seeking more return and invest
- As a result of QE3 the market moved higher overnight with the materials and financial stocks leading the S&P500 higher. All 30 Dow components also moved higher with the index closing in on the October 2007 all time high
- Apple rallied to an all time high of $684.69 after the successful launch of its much anticipated iPhone 5 and Touch products continues to flow through
- Gaming giant Nintendo rallied 4.24% after the company announced that US sales of the Nintendo Wii U video game console will commence on Nov 18
- Leading the gains on the Dow was BAC and JPM up 4.79% and 3.71%
- DOW +1.55%, S&P500 +1.63% and NASDAQ +1.33%
- USD was weaker on QE3. Gold soared higher and Crude rallied 1.00%
