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

Last Updated on Wednesday, 07 September 2011 11:15

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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%

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

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