Gold continues to shine above US $1900oz.

Last Updated on Thursday, 25 August 2011 16:50

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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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