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US markets stage huge rally in last hour of trade $AUDUSD $DD $HPQ
Last Updated on Monday, 10 October 2011 14:06
- US markets were down for most of the session, with the Dow reaching a low of 10404.49 before staging a powerful rally late in the session on the back of speculation that Euro officials will intervene to recapitalise regional banks. The range on the Dow was over 400 points for the day
- European markets finished the session lower on continued sovereign debt concerns and worries about the strength of the regions banks
- Financial stocks surged on the news of a potential re-capitalisation of their European counter parts with Morgan Stanley leading the gains by rallying 12.35% to $14.01. JP Morgan and BoA also rallied 6.5% & 4.2%
- Other stocks that led the Dow higher were DD, HPQ, MSFT and CSCO which each rallied 4.52%, 3.69%, 3.30% and 2.97% respectively
- Dow Jones 1.44% S&P500 2.25% NASDAQ 2.95%
- USD weakened later in the session as the equity rally took hold. EUR rallied from the 1.3145 lows and the AUD tested the 0.9600 level
- Gold futures pulled back 2.5% and Spot Crude also pulled back 1.2%
Published by Spectrum Live Pty Ltd | www.spectrumlive.com
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