US stocks rally on renewed Euro-zone hope $ZNc1 $AXP $MMM

Last Updated on Thursday, 13 October 2011 14:11

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US stocks rallied overnight as market optimism grew that Euro zone officials are putting in place a viable plan to quell sovereign debt fears and recapitalize strained regional banks so to avoid a banking collapse
The market rallied strongly with the Dow up by as much as 209 points at one stage before a late market pullback. None the less the Dow has put on 5.6% this month for the fifth best monthly start since October of 1900
Financials stocks have continued to improve after the recent heavy selling. Both European and US note worthies rallied well overnight. Citi, BoA and JPM all rallied, jumping 4.9%, 3.3% and 2.8% respectively
Other stocks that led the Dow higher were DIS, AXP, MMM and TRV which rallied 3.53%, 2.78%, 2.54% and 2.02% respectively
Dow Jones 0.90% S&P500 0.98% NASDAQ 0.84%
The USD was weaker against the majors as risk appetite again returned to the markets. EUR ran to 1.3833 before falling back. The AUD established itself above parity again trading itself to a high of 1.0205
Gold rose ( 0.9%) on a weaker USD, and Crude was mixed overnight

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

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