Markets followed Europe's lead and rallied overnight $JPM:xnys
- Published: 13 June 2012
- Markets staged a comeback rally of sorts following a strong lead from European and Asian markets. Spanish yields subsided from their highs after the Spanish government secured a EUR100 Billion bailout for its ailing banks
- Attention will now increasingly turn to the upcoming elections in Greece this coming weekend. Option polls indicate that a coalition led by the pro bailout New Democracy could clinch power, however the result will be very close
- Investors continue to trade around the important 1300 level on the S&P500 with volume across the exchanges about 12% below the 20 day average
- In a barometer for risk appetite the S&P Financial Index made some gains overnight to rally 1.7% and almost reverse the previous sessions losses
- Markets will also look to JP Morgan tomorrow as CEO Jamie Dimon testifies in front of the Senate Committee about the banks recent large trading loss
- Top Dow stocks were BA, JPM and BAC each up 3.52%, 2.89% & 2.88%
- DOW +1.31%, S&P500 +1.17%, NASDAQ +1.19%
- US Dollar Index was weaker as risk appetite increased. AUD was higher o/n
- Gold rallied to a USD1617.57 high and Crude was flat on higher inventories
