S&P500 logs its worst day in $EURUSD
- Published: 07 March 2013
- Markets took a backward step overnight after making multi year highs during the previous session. Driving the market lower was the minutes from the Federal Reserve that indicated that the Fed's bond buying program may be stopped in the future
- The Minutes form the recent Fed meeting dominated economic news with members divided as to the timing and amount of asset purchases going forward
- All key S&P500 sectors finished in the red overnight led by materials and energy
- Rumors of rivals Office Depot and OfficeMax merging were confirmed overnight creating a new company with a value of about USD18Billon
- Luxury homebuilder Toll Brothers declined 9.05% after posting quarterly results that missed expectations due to lower selling prices and higher costs
- Garmin led the S&P500 lower (-9.43%) after posting poor earnings and forecasts
- DOW -0.77%, S&P500 -1.24% and NASDAQ -1.53%
- USD rallied on Fed news with the EUR and AUD both weaker overnight
- Gold was weaker for the fifth session in succession, Crude also fell sharply
