Market rallies on QE3 hopes

Last Updated on Thursday, 25 August 2011 16:50

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US Equities roared, notwithstanding more weak economic data points, as speculation swirled across global capital markets that the Federal Reserve will stimulate growth again through fresh asset purchases.
Yesterday, St. Louis Fed President James Bullard, who was against QE3 just weeks ago said “If we did do QE3, than I’ve advocated that we do it on a meeting-by- meeting basis.”
Treasuries received a whopping bid in late trade following a 5.8 magnitude earthquake that struck the East coast, causing hundreds of flight delays, but no key damage.
Energy was the leader as September Crude rose above $86/bbl, sending Oil & Gas Producers – Anadarko ($68.82, +5.2%), Chevron ($97.33, +4.3%), ConocoPhillips ($65.71, +3.8%), Exxon Mobil ($73.66, +5.00%) – higher.
Materials were also well bid, albeit North American Gold Producers – Barrick Gold ($50.69, -2.6%), Newmont Mining ($61.25, -2.6%) – slipped as investors sold rallying precious metals.
Apple ($373.60, +4.8%) rallied as sources suggested the company is targeting a launch for the next generation iPhone later this September. Sprint ($3.59, +10.1%)
Gold fell the most since July last year retreating from USD $1900oz
Dow Jones +2.97% S&P500 +3.43% NASDAQ +4.29%

Published by Spectrum Live Pty Ltd | www.spectrumlive.com

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