Markets rally ahead of European leaders summit $XAUUSD

Last Updated on Monday, 05 March 2012 14:48
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  • European leaders pressed the case that a new fiscal accord will help deliver Europe from its two year debt crisis
  • The accord opens the door for the ECB to intensify its role in the crisis and assist with funding programs
  • Investors gave a mixed reaction as the Euro pared gains whilst the equity markets rallied
  • In the US the S&P500 posted its first back to back weekly gain since October managing to close at 1255.19
  • General Electric, Pfizer and Travellers climbed more than 3.2% helping to push the Dow Jones Industrial Average higher
  • DOW 1.55%, S&P500 1.69% and NASDAQ 1.94%
  • On the commodity front crude oil pushed higher by just over 1.1% to close at $99.41 USD per barrel
  • Wheat and Soybeans fell to the lowest level in more than a year, whilst corn also declined after the US Government said global crop inventories will be larger than expected
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