Gold continues its run higher as markets fall in the US

Last Updated on Thursday, 25 August 2011 16:50

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US Equities deteriorated, completing the S&P 500’s biggest four-week decline since March, 2009 in the wake of economic reports that showed the pace of the recovery has stalled out.
Volume remained heavy as the bellwether indices toggled between positive and negative territory in the absence of any major economic or corporate news.
Gold rose to a record above $1,880/oz, rallying for the seventh consecutive week as traders eye a safety alternative to the Dollar.
Despite equity volatility, Friday was the calmest session for Treasuries in four days as traders retained their longs.
Tech Stocks were the laggard after Hewlett Packard ($23.60, -20.0%) fell the most since 1987. The producer of personal computers and networking equipment issued forecasts that missed analysts’ estimates, while also unveiling a set of strategic shifts that undermined confidence in company management.
Bellwethers – Apple ($356.03, -2.7%), Google ($490.92, -2.7%), Microsoft ($24.05, -2.4%), Oracle ($24.78, -1.6%) – were also sold.
Marvell Technology ($12.68, +5.9%) jumped as the chipmaker posted a surprisingly strong quarter profit, helped by improving margins and sales.
Dow Jones –1.57% S&P500 –1.50% NASDAQ –1.62%

Published by Spectrum Live Pty Ltd | www.spectrumlive.com

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