Markets rally to close the week on a positive note $EURUSD

Last Updated on Monday, 17 October 2011 09:29

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Stocks rallied on Friday night to bring the Dow and NASDAQ back into positive territory for the year. Positive US Retail Sales data and continued progress in European debt restructuring negations were the main catalysts in pushing the market higher. The market saw this as a positive step despite S&P downgrading Spain’s debt one level to AA-
US Retail Sales showed that retail and food services rallied 1.1% in September beating forecasts, adding to the recent encouraging data
Energy, material and technology stocks led the gains as risk appetite increased. Tech giants Google and Apple rallied 5.9% and 3.3% respectively. Google impressed the market with 3Q earnings that easily beat expectations. Apple received a boost after it released the new iPhone and iOS5 software with further positive news expected when the company reports its 3Q earnings on Tuesday after the closing bell
Dow Jones 1.45% S&P500 1.74% NASDAQ 1.82%
USD was weaker against the EUR as risk appetite builds ahead of the European Summit meeting on the 23rd. AUD back above 1.0300
Gold rose on a weaker USD and Crude jumped 3.1% on better US data

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

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