Market gains stifled by Crude strength $JPM:xnys
- Updated: 02 April 2012
- Published: 22 August 2011
- Markets traded higher overnight led by material and banking stocks. The Dow made a high of 13032.67 before pulling back below the physiologically important 13 000 mark
- A mix of economic data hit the market with unemployment data again coming in better with four week average jobless claims falling to their lowest level since March 2008. A gain in Consumer Confidence has led to stronger than expected Retail Sales for February. However Manufacturing and Construction data was weaker than expected
- Clothing retailer GAP soared 7.32% to $25.07 per share after it posted its first increase in over eight months
- Vehicle sales in the US were unexpectedly strong for the month of February with GM beating sales expectations. The stock rallied 2.1%
- Financials led the Dow higher with JPM and BAC up 2.88% and 1.88%
- DOW 0.22%, S&P500 0.62% and NASDAQ 0.74%
- USD weakened as markets rallied and risk appetite gained. AUD was up
- Gold rebounded from yesterdays losses and Oil pushed above US110.00
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