Markets rally on Fed speech and positive employment data $AXP:xnys $BAC $AA

Last Updated on Thursday, 03 November 2011 09:18

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US markets opened the session strong and held onto gains after a positive ADP employment report showed that the US economy added 110k jobs, beating the 100k estimated by economists. The Fed announced that that it would leave I/R’s unchanged, unemployment is expected to fall and GDP rise in 2012 but no as much as previously forecast. The Fed also stands ready to add more stimulus if needed
The European Debt Crisis continues to grabble markets with the Greek PM undergoing a vote of confidence on Friday night. This will be followed by a referendum on the proposed bailout later in the year
All S&P500 sectors moved higher led by gains in energy and banking. Leading the moves higher on the Dow was BAC, AA, JPM and AXP which rallied 5.00%, 3.18%, 2.84% and 2.71% respectively
Qualcomm jumped 9.31% in afterhours trading after a strong earnings report. NWS reported higher revenue, up 7% but net income fell 4.8%
Dow Jones 1.53% S&P500 1.61% NASDAQ 1.27%
USD was flat to slightly weaker against the EUR. AUD is holding 1.03
Gold rallied 0.9% on Euro debt concerns, Oil fell slightly, down 0.3%

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

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