Markets rally on better economic data and positive Greek news $GM:xnys

  • Markets halted a recent sell off as strong economic and positive progress in regards to the ongoing Greek Debt negotiations saw the market move higher. All 10 sectors in the S&P500 were higher
  • Positive employment data spurred the market with Weekly Jobless Claims falling 13k to 348k applications. This is the lowest level in almost four years and went against estimates of a rise to 365k
  • Markets also reacted positively to news that the ECB will exchange their existing Greek Bonds for new ones in an effort to help the debt ridden Euro member from defaulting on their obligations
  • General Motors rallied 6.7% after it posted its biggest profit in 103 years after only coming out of Chapter 11 bankruptcy a few years ago
  • Leading the Dow higher was MSFT, BAC, HPQ and AXP each rallying by 4.11%, 3.98%, 2.63% and 2.62% respectively
  • DOW 0.96%, S&P500 1.10% and NASDAQ 1.51%
  • USD was weaker against the EUR on ECB news. AUD rallied to 1.0772
  • Gold fell slightly overnight and rose on Iranian concerns and US data
Spectrum Live
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