US markets rally off lows but still close lower $LEN:xnys
- Published: 08 January 2013
- US markets took a breather overnight before the start of earnings season to close down overnight despite rallying off their lows. Markets have started the new year on a positive note since the partial resolution of the fiscal cliff concerns of late last year
- Economic news was lacking overnight however markets attention is now turning to the quarterly reporting season with Alcoa unofficially kicking off proceedings tonight
- Most S&P500 sectors closed the session in negative territory with energy and utility stocks leading the losses. The CBOE VIX continues to weaken down another 0.29%
- Apple fell 0.59% after another broker downgrade, Barclays retained their buy rating but lowered their price target on the tech giant to $740 from $800
- Netflix rallied another 3.36% to continue its recent rally after the internet subscription services company signed a licensing deal with Warner Bros
- DOW -0.38%, S&P500 -0.31% and NASDAQ -0.09%
- EUR found strength against the USD for the second day while the AUD is above 1.05
- Gold was weaker due to investors uncertainty about future Fed QE policy reduced its appeal as a hedge against inflation. US Crude prices held firm overnight, Brent fell
