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Binary Options Daily Analysis – Stocks Gain on IMF Hopes, Kodak Files for Bankruptcy

ByBinary Options Strategy
Published 02/04/2012, 11:48 PM
Updated 05/14/2017, 06:45 AM
NDX
-0.51%
DE40
0.53%
JP225
0.47%
HK50
2.64%
C
-1.12%
MS
-1.32%
Equities

Asian markets rallied to their highest level in more than a month, following news the IMF is hoping to raise $600 billion in funding to help tackle the euro debt crisis. The Nikkei gained 1% to 8640, the Kospi jumped 1.2%, and the Hang Seng rallied 1.3%. China’s Shanghai Composite climbed 1.3%, nearly erasing Wednesday’s 1.4% drop. Australia’s ASX 200 lagged the region, easing .1%, as employment data showed an unexpected drop of 30K jobs in December.

France’s CAC40 soared 2% to 3329, as European indexes traded higher, following strong bond auctions in Spain and France. The DAX gained 1%, and the FTSE rose .7%, as European banks rocketed up 7.4% on hopes the IMF will help address the ongoing debt crisis.

US stocks posted moderate gains, thanks to positive economic and earnings news. The Dow rose 45 points to 12624, the Nasdaq rallied .7%, and the S&P 500 gained .5% to 1314.50.

Morgan Stanley shares jumped 5.4% after the company beat earnings forecasts, even though the company reported a decline in revenue to a legal settlement.

Kodak filed for bankruptcy, and the company said it had received a $950 million credit facility from Citigroup to keep the company operating.


Kodak Files for Bankruptcy

Currencies
European currencies advanced, as renewed hopes for a debt solution lifted the region. The Euro and Swiss Franc gained .8%, and the Pound rose .4% to 1.5484. The Yen fell .4% to 77.12, while the Australian Dollar closed down .1% to 1.0412.

Economic Outlook
Weekly unemployment claims dropped to 352K, vastly exceeding analyst expectations of 387K. CPI was flat, while core CPI rose .1%, in line with forecasts. On a weaker note, housing starts fell to 660K, 30K short of forecasts.

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