Gold continues to shine above US $1900oz.
- Updated: 02 April 2012
- Published: 22 August 2011
- US Equities fluctuated as the bellwether indices consolidated off session highs, while traders remained reluctant to pump out long positions without more direction on the outlook for economic and earnings growth.
- Volumes were relatively light as most investors sat on the sideline ahead of Friday’s annual Jackson Hole conference. Last year, Bernanke unveiled plans for a second round of asset purchases.
- Gold continued to reflect the prevailing sense of risk aversion. It shot up to a record high of USD1,900.60 during last night’s session.
- Financials lagged, while Goldman Sachs ($106.51, -4.7%) shattered in the final fifteen minutes of floor trade as Reuters reported that Lloyd Blankfein hired a defense attorney.
- After the closing bell, the group released a statement confirming that the Justice Department has launched an inquiry, sending its shares much lower.
- Bank of America ($6.42, -7.9%) fell after China Construction Bank said the lender will keep at least half its stake, raising concern of a share sale to raise capital.
- Hewlett-Packard ($24.45, +3.6%) led gainers in the Dow Jones Industrial Average after falling the most since 1987 on Friday, prompting analysts to raise their recommendations.
- Dow Jones +.034% S&P500 +.03% NASDAQ +.15%
Published by Spectrum Live Pty Ltd | www.spectrumlive.com
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