Markets rally on hope of Europe deal $BA:xnys

Last Updated on Thursday, 27 October 2011 09:23

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Markets rallied on news that European leaders have come to an agreement on a plan to provide supportive capital to regional banks. Also the US reporting season has thus far been encouraging with over 70% of companies beating their earnings estimates
As summit meetings continue, China has been reported to have also agreed to invest in a European Rescue Fund which would be used to provide support to struggling EU members and Euro banks
Encouraging earnings results from ConocoPhillips saw the stock rally 1.7%. This facilitated a rally in other energy stocks which was also helped by Crude pushing back above 90.00USD per barrel recently
Amazon fell 15% after it missed earnings expectations. Broadcom also fell 4.8% after its earnings Q4 revenue forecasts fell below expectations. 3M fell 6.3% after disappointing forecasts and weaker profit results
Boeing rallied 4.5% after it beat earnings expectations and provided better guidance. Ford also beat earnings expectations but the stock was sold off 4.5% after it failed to indicate when it would again pay dividends
Dow Jones 1.39% S&P500 1.05% NASDAQ 0.46%
EUR tested resistance by reaching a 1.3974 high then pulled back, GBP pulled back slightly and the commodity driven AUD is trading around 1.04
Gold continues to trade higher above USD1725.00, Crude down slightly

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

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