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Markets Rally On Stimulus Comments July 14th 2011
Last Updated on Thursday, 14 July 2011 15:15
- US markets snapped a 3 day losing streak after comments from Federal Reserve Chairman Ben Bernanke that the Federal Reserve stands ready to act if the economy weakens further
- The continued political wrangling surrounding the raising of the US Government’s debt ceiling has seen ratings agency Moody's warn that theymay review the US Governments AAA credit rating. A deal must be agreed upon by both sides of the House by August 2nd so as to avoid a default
- US Import Prices fell for the first time in a year with consumer and producer prices due later this week also expected to show a decline. This would lead to lower inflation and allow the FOMC to keep its very low interest ratesetting which will encourage spending. However the Federal Reserve has warned of a potential deflationary threat if inflation continued to weaken
- US stocks that performed well over night were CAT, MRK, DIS and JNJwhich rallied 1.60%, 1.11%, 1.05% and 0.90% respectively
- Dow +44.73 pts, NASDAQ +15.01 pts and S&P500 +4.08 pts
- EUR made some gains overnight against the USD as euro sovereign debt concerns eased and Fed Reserve comments pushed the USD lower. GBP was weaker on poor jobs data and the AUD rallied on positive Chinese data
- Gold rallied 1.1% overnight on USD weakness making a USD1589.79 high· Crude rallied 0.5% to USD97.92 as an inventories fell more than expected
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