Take 2 Markets rally and Gold retreats on positive economic data $GLD $XAUUSD

Last Updated on Thursday, 08 September 2011 11:11

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US Equities rallied sharply, pushing September Dow Jones Industrial Average futures higher by more than five hundred points off Tuesday’s lows. A strong recovery in European capital markets helped encourage risk sentiment, while economic reports from Australia to Germany were widely better-than-expectations.
Subsequently December Gold settled lower at $1817/oz, but rallied off an intraday base at $1793/oz.
Financials outperformed as Commercial – Bank of America ($7.48, +7.0%), Citigroup ($28.98, +4.6%), JPMorgan Chase ($34.82, +4.1%), Wells Fargo ($24.96, +4.4%)
Investment Banks – Goldman Sachs ($108.34, +3.6%), Morgan Stanley ($16.33, +6.5%) – were bid strongly amid the recovery in European peers
Yahoo ($13.61, +5.4%) spiked up after firing its CEO.
Materials & Energy followed as Metals & Miners – Alcoa ($12.25, +4.1%), Cliffs Natural Resources ($81.46, +8.3%), Freeport ($45.17, +1.8%), Peabody ($48.72, +6.9%) – rose with Oil & Gas
Producers – Chevron ($99.29, +3.9%), Exxon ($73.65, +3.5%). Shares of ConocoPhillips ($67.31, +2.5%) rose notwithstanding an oil spill China.
Dow Jones +2.47% S&P500 +2.86% NASDAQ +3.04%

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

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