Stocks gains as FED Continues bond buying program $USDCAD
- Published: 21 March 2013
- US equity markets snapped a three day losing streak after the Federal Reserve said it would continue to stimulate the economy by supporting its bond buying program
- Euro area leaders are weighing up options for Cyprus after the proposed bank levy tax was rejected
- Homebuilders rallied as Lennar Corp rallied 4.8% after positive earnings to close up $1.98 to close at $43.40. The other notable climber was Adobe Systems Inc. which also climbed 4.2 percent after exceeding analysts’ expectations
- Decliners on the day were FedEX Corp which fell 6.9 percent after lowering earnings forecasts for 2013 whilst Oracle also declined 7.5 percent as profits missed market expectations
- DOW +0.39%, S&P500 +0.67% and NASDAQ +0.78%
- The VIX Index fell 12 per cent to close at 12.67 after a 27 percent jump over the past two days
- The Euro bounced from a four month low against the Dollar after the Euro zone leaders planned to help avoid a banking collapse in the area. The USDJPY exchange rate has continue its recent run higher over the past four days trading at 96.02 after trading down towards 93.17
