Technology stocks lead otherwise gloomy market $EBAY:xnas
- Published: 19 June 2012
- Technology stocks led the gains in the US market overnight however investors still remain concerned about the state of affairs in Europe. Despite the positive election result in Greece over the weekend the markets attention has now turned to the potentially far bigger problem of Spain. Spanish bond yields rallied past the critical 7.00% level overnight as investors demand more interest to invest in Spanish debt
- The Dow was weaker while the S&P500 pushed up against its 50 Day Moving Average. Big gains in eBay and Apple led the gains on the NASDAQ while online marketplace Groupon Inc rallied 10.8% on a broker upgrade
- FaceBook rallied 4.65% to recoup some of the heavy losses since its IPO. The social networking giant gave a hint of a potential future enhancement with the purchase of facial recognition firm Face.com
- Oracle surprised the market by releasing its Q4 results three days early. Earnings increased by 8% with adjusted earnings beating expectations.
- DOW –0.20%, S&P500 +0.14%, NASDAQ +0.78%
- EUR came off one month highs as Spanish bond yield increases fuelled market concerns. The AUD was weaker and tested the 1.0100 level
- Gold made a high of USD1630.59 and Crude was off slightly overnight
