Markets rally off lows but still finish own $USDJPY
- Published: 07 March 2013
- Stocks managed to stage a rally late in the session to close off their lows with the S&P500 managing to close above the important 1500.00 level
- In economic news the Federal Reserve Bank of Philadelphia announced that business conditions in the Mid-Atlantic region fell to -12.5 in February. This is the second month in a row of weakness with a reading below 0.00 indicating contraction. Added to that Weekly Jobless Claims surprisingly jumped by 20k claims
- Leading the moves higher in the S&P500 were consumer staples while techs lagged
- HP rallied into the close on hope of a positive earnings report, finishing the session up 2.40%. The stock then went on to add another 5.50% in the aftermarket after a positive report which beat estimates and also provided a more upbeat outlook
- Wal-Mart rallied 1.52% on news that it posted earnings that beat expectations
- DOW -0.34%, S&P500 -0.63% and NASDAQ -1.04%
- The EUR fell to five week lows on weaker EU PMI data. The GBP managed to rise after better than expected UK government finances. AUD has managed to make late gains
- Gold rose 0.7% after recent sharp losses and Crude fell 1.4% on higher supplies
