Markets rally on Federal Reserve comments $MS:xnys
- Published: 27 March 2012
- Markets rallied on comments from Federal Reserve Chairman Ben Bernanke who reiterated to the market that the Fed will continue to provide support if so necessary and that accommodative policy is required to spur further job growth. This led some investors to believe that the potential for a QE3 is now back on the table
- Pending Home Sales in the US fell 0.5% to 96.5 after the previous months 2% gains. The market consensus was for a gain of 1.00%
- All 10 sectors in the S&P500 where higher bouncing from last weeks losses. The S&P500 has rallied 11% through to last week and is now on track for the biggest Q1 gains since 1998
- Leading the gains on the Dow was AXP, JPM, UTX and MSFT which rallied 2.46%, 2.24%, 2.08% and 1.81% respectively
- DOW 1.23%, S&P500 1.39% and NASDAQ 1.78%
- USD was weaker against the EUR o/night, the AUD topped out at 1.0544
- Gold rallied 1.87% on potential QE3, Crude rose 0.2% on Fed comments
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