Markets bounce after the previous days heavy falls $CLc1

Last Updated on Friday, 11 November 2011 09:59

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Markets bounced after the worst one day drop in over three months. Stocks were encouraged by better than expected US Employment data, political progress in Italy and Greece and the smooth auction of Italian bonds which saw yields drop with the ECB heavily participating in the bond auction
European Commissioner and economist Mario Monti is expected to lead a unity government in Italy that will usher in new elections, this was well supported by the market with Italian yields easing. Greece has also moved to calm its political crisis with the election of former ECB Vice President Lucas Papademos to lead a unity government and usher in the latest bailout tranche and new elections which are expected to proceed in February
Industrials and energy stocks led the market higher however the market fell at one point due to an erroneous report from S&P cutting France’s credit rating. This was quickly retracted by the ratings agency
Cisco surged 6.7% on a better forecast with retailer Kohl’s also up 2.6%. MRK, DIS, PFE and XOM all rallied overnight leading the Dow higher
Dow Jones +0.96% S&P500 +0.86% NASDAQ +0.13%
EUR recovered against the USD moving to a 1.3652 high. AUD flat at 1.0150
Gold fell heavily then recovered as Italian fears eased and Crude rose 2.5%

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

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