Stronger economic data pushes market higher $AUDUSD $TRV $BAC

Last Updated on Friday, 30 September 2011 10:58

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US markets finished the day higher after a volatile session that saw the Dow Index initially rally by more than 200 points before turning negative. It then staged a late afternoon rally to finish the session higher
Pushing the market higher was key economic data that showed US Jobless Claims fell by 37k to 391K claims. Although the data was slightly skewed due to an irregular reporting month the market still saw this as a positive. Adding to the positive sentiment was Q2 US GDP, which rose by 1.3%, beating the 1.0% estimate. European markets were also encouraged by strong employment data out of Germany, which saw the rate tick down to 6.9%. This is the lowest level since reunification.
Bank stocks staged a recovery as the German Parliament followed Finland and voted in favour of enhancing the Euro area bailout fund
Leading the gains on the Dow was TRV, BAC, JPM and CVX rallying 3.16%, 3.08%, 3.02% and 2.89% respectively
Dow Jones 1.30% S&P500 0.81% NASDAQ –0.43%
EUR rallied on the German vote making a 1.3678 high. AUD pulled back
Gold rallied on better economic data, Crude rose by 2.4% to USD83.14

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

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