Stocks rebound to close the week on a better note $TFc1
- Published: 25 June 2012
- Markets bounced back to end Friday's session on a higher note after Thursdays heavy selling which was the second worst down day for the year
- Banking stocks rebounded after Moody's Investment Services downgraded 15 of the worlds largest banks after the close on Thursday. JPM rallied back after its rating cut was less than expected
- The market was encouraged by lenders in Germany, France, Italy and Spain after they agreed to a EUR130Bil package to help revive growth in the region
- Ryder Systems fell 13% after the transportation and logistics company cut its quarterly earnings forecast, citing lower demand in its retail business
- Leading the moves on the Dow was MSFT, MRK, BAC and HD each rallying 1.87%, 1.85%, 1.53% and 1.48% respectively
- DOW +0.53%, S&P500 +0.72% and NASDAQ +1.17%
- EUR remains near support at the 1.2500 level whilst the AUD tested parity
- Crude has weakened in recent days due to poor data moved higher after the threat of a storm in the Gulf of Mexico shut down a quarter of production
- Gold was subdued but has rallied this morning to test the recent resistance
