US stocks rally on light volume $SP500.I
- Published: 27 June 2012
- US stocks managed to eek out some gains overnight after the previous sessions selling, as better than expected housing data fuelled a rally in housing stocks. However traders remain nervous as European leaders meet to try and put in place a resolution to their long running debt issues
- As the European Debt Crisis continues lesser known ratings agency Egan- Jones cut Germany's sovereign debt rating from AA– to A+
- Consumer discretionary stocks led the gains in the S&P500 followed by energy stocks which were boosted by gains in crude oil prices
- Investors are closely watching News Corp as it considers splitting into two companies which would separate the scandal plagued publishing arm from the entertainment division. The stock rallied 8.3% as a result of the news
- Leading the gains on the Dow was CVX, GE, XOM and DIS with each stock rallying 1.89%, 1.43%, 1.43% and 1.28% respectively
- DOW +0.26%, S&P500 +0.48% and NASDAQ +0.63%
- Currencies were quiet as markets await EU summit, the AUD was slightly up
- Gold was down 0.8% on deflation fears, Crude rallied on Norwegian oil strike
