Better than expected Manufacturing data rallies the market $BAC:xnys
- Published: 30 April 2012
- Stocks were stronger overnight after better than expected Manufacturing Data from both the US and China helped offset recession fears in the EU
- Manufacturing in the US rose at a faster pace than expected with the ISM Factory Index rising to 53.4 in the month of March, up from 52.4 in February. The consensus by economists was for a rise to 53.0
- All 10 S&P sectors were up with the gains being led by energy and material stocks. Over the last five years April has proven to be a good month with earnings season being the potential next catalyst
- Cosmetics seller Avon rallied 17% after a takeover offer from Coty Inc
- Leading the gains on the Dow was AA, BAC, BA and CVX which each rallied 1.50%, 1.15%, 1.08% and 1.02% respectively
- DOW 0.40%, S&P500 0.75% and NASDAQ 0.91%
- USD was weaker as investors moved to a risk on tone. AUD is higher
- Gold remained broadly unchanged and Crude rallied from a 6 week low to climb 2.3% due to the better than expected manufacturing data
Published by Spectrum Live Pty Ltd | www.spectrumlive.com
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