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Market rallies on stimulus hopes $CLc1

Published on Wednesday, 20 June 2012 12:42

Markets rallied overnight on the expectation that the Federal Reserve will step in at some point to provide further stimulus so as to help shield the US economy from the debt crisis that is plaguing Europe. Investors are looking to tonight's Federal Reserve meeting for further signs or potential policy
Growth related stocks led the gains with the materials and financial sectors rallying 2.0% and 1.7% respectively. The S&P500 closed above its 50 Day Moving Average for the first time in seven weeks
European sentiment remains negative despite the Greek election result with persistently high Spanish bond yields and weak German business sentiment concerning investors. Despite this investors took some solace from another positive night on equity markets and a successful Spanish bond auction
Department store giant JC Penny fell 8.5% after President Michael Francis left the company. JC Penny is under increasing pressure to restructure after an 18% fall in sales last quarter due to intense competition from other majors
DOW +0.75%, S&P500 +0.98%, NASDAQ +1.19%
USD was weaker on expectations of Fed stimulus, AUD touched 1.02006
Gold was weaker due to the risk on tone and Oil rose 1.5% on stimulus talk

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