US markets rally off session lows, Swiss Franc in focus $USDCHF

  • US Equities dropped, albeit the Dow Jones Industrial Average rallied more than two hundred points off its morning lows after declining below the eleven thousand mark.
  • Volumes were fairly robust as traders came back from a long weekend to more chaos in European capital markets. The Franc dropped the most in history against the Euro after the Swiss Central bank said it will hold a minimum exchange rate with ‘unlimited purchases’.
  • European Equities fluctuated as a rally out of the opening gate was overshadowed by selling on the Wall Street open. Financials remained underwater as Societe Generale (€18.93, -6.5%) and Uni Credit (€0.80 -4.5%) drove a gauge of Banks to the lowest level since March, 2009.
  • Britain’s FTSE 100 outperformed as BHP Billiton (1977.50p, +1.2%) & Rio Tinto (3549.00p, +1.7%) climbed.
  • Metals & Miners – Alcoa ($11.78, -2.2%), Cliffs Natural Resources ($75.20, -4.2%), Freeport ($44.36, -1.3%), Newmont ($64.54, +0.1%), Peabody ($45.58, -0.5%) – were subject to mixed, but mostly negative trade.
  • Oil & Gas Producers – Chevron ($95.61, -0.8%), ConocoPhillips ($65.70, -1.1%), Exxon Mobil ($71.14, -1.4%) – failed to track a bounce in Crude.
  • Dow Jones -.90% S&P500 –.74% NASDAQ –.26%
Spectrum Live
Published by Spectrum Live Pty Ltd | www.spectrumlive.com
{JFBCLike url=http://www.spectrumlive.com/market-view layout=button_count show_faces=true show_send_button=true width=120 action=like font=verdana colorscheme=light key=sl}
{JFBCComments href=http://www.spectrumlive.com/market-view width=390 num_posts=1 colorscheme=light key=sl}