Markets rally on Euro Debt deal speculation $CLcl

Last Updated on Wednesday, 19 October 2011 14:41

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US markets rallied higher on rumours that France and Germany had agreed to a 2 Trillion EUR plan to combat the regions debt crisis
After being down over 100 points earlier in the session the market rallied over 2%, led by strong moves in financials and industrial stocks. All sectors on the S&P500 finished the session on a stronger note
BoA one of the worst performing Dow stocks this year surprised the market by beating its Q3 earnings expectations. The stock rallied by 10% as a result to close at $6.64. Despite issuing only its second quarterly loss since listing in1999 Goldman Sachs rallied 5.52% as investors looked past the current gloom. Citi and JPM also rallied 7.0% and 5.9%
Tech stocks also rallied but were a mixed bag with Intel and Yahoo beating expectations and rallying while IBM and Apple failed to follow suit
Dow Jones +1.58% S&P500 +2.04% NASDAQ +1.63%
EUR zipped around as Moody warned France’s AAA rating was under threat. Spain’s rating was also cut by Moody’s this morning. The EUR has fallen to 1.3652 low in the last hour. AUD rallied to a 1.0345 high
Gold was volatile on ratings news and Crude rallied inline with equities

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

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