Markets rally strongly to close the session on their highs $SP500.I
- Published: 20 November 2012
- US stocks staged a powerfully rally to close on their highs after a strong lead in from Europe. US markets were encouraged by positive signs out of Washington that a compromise will be reached and the impending Fiscal Cliff may be avoided
- Another major catalyst for the strong session was better than expected existing home sales which saw an unexpected jump of 2.1% in the month of October
- The S&P500 bounced on key 200 Moving Average support and staged one of its biggest days since September with material and technology stocks leading the gains
- Apple the world's most valuable company by market capitalization rallied 6.20% after reaching a nine month low last week. The stock still remains 20% off its highs
- Home improvement retailer Lowe's rallied 6.55% after it topped earnings estimates
- Bank of America led the Dow higher by rallying 4.06% to close at $9.49 per share
- DOW +1.65%, S&P500 +1.99% and NASDAQ +2.21%
- USD was weaker overnight as investors risk appetite increased. AUD above 1.0400
- Gold rallied on Fiscal Cliff optimism and Crude rose 1.9% on Mid East concerns
