Markets rally on Italian announcement $DIS:xnys
- Updated: 06 August 2012
- Published: 22 August 2011
- Markets were encouraged by moves in Italy to avert a political crisis. Incumbent PM Berlusiconi has resigned and respected economist Mario Monti will take the role of interim PM. The Italian Senate also passed a new budget package which now moves the package closer to final approval
- Consumer Confidence data also helped push the market higher with the best result since June with the Thomson Reuters/University of Michigan Preliminary Index of Consumer Sentiment rising from 60.9 to 64.2
- Markets were quieter with some markets closed due to Veterans Day
- US financials rallied as risk sentiment improved after political progress was made in Italy and Greece over the weekend. MS, BAC, C and WFC rallied 3.2%, 3.0%, 2.4% and 2.3% respectively
- Leading the gains on the Dow was DIS, CAT, AA, INTC, BA and HPQ with each stock rallying 5.95%, 4.26%, 3.41%, 3.28%, 3.22% and 3.06%
- Dow Jones 2.19% S&P500 1.95% NASDAQ 2.04%
- EURUSD rallied on short covering and the AUD pushed above 1.0300
- Gold rose on USD weakness and Crude rose 1.2% on Italian progress
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