Markets rally on Italian announcement $DIS:xnys

Last Updated on Monday, 14 November 2011 09:49

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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

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

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