Dow finishes higher for the fourth day in succession $AUDUSD
- Published: 18 October 2012
- Markets managed to finish slightly higher overnight after a positive housing report helped the market finish higher for the fourth day in succession
- European shares gave the market a good lead in after Moody's maintained Spain's credit rating in line with Standard and Poor's recent decision
- Weighing on the market overnight were poor tech stock results with IBM falling near on 5% after the previous days poor earnings report. Intel also fell 2.51% after the company beat earnings but gave a weaker outlook
- Most of the S&P sectors were in the positive overnight with telecoms and financials leading the gains. Tech stocks lagged after poor earnings results
- Housing starts jumped 15% in September jumping to its fastest rate since 2008. As a result US homebuilders continued to rally with majors Pulte, DR Horton and Lennar rallying 5.31%, 4.16% and 2.17% respectively
- DOW +0.04%, S&P500 +0.41% and NASDAQ +0.10%
- EUR rallied on Spanish announcement and strong US data with the AUD also strong, pushing above the 1.0300 handle to make a 1.0387 high
- Gold rose overnight on a weaker USD and Crude fell on higher stockpiles
