Asian markets traded mixed on Thursday ahead of the European Summit. The Nikkei surged 1.5% to 8874, the Kospi inched up .1% to 1819, and the ASX 200 rose fractionally. Chinese markets slumped, shrugging off a cut in the margin requirements for stock futures. The Shanghai Composite sank 1% to 2196, and the Hang Seng shed .8% to 19025.
In Europe, the major indexes traded lower amid doubts the European Summit will generate a meaningful solution to the escalating debt crisis. The DAX dropped 1.3% to 6150, the FTSE fell .6% to 5493, and the CAC40 slipped .4% to 3052.
US stocks tumbled early in the day, but a powerful late-day rally significantly trimmed those losses. The Dow closed down 25 points to 12602, after dropping as much as 176 points earlier in the day. The Nasdaq sank .9% to 2849, and the S&P 500 declined .2% to 1329. The market rallied amid hopes the EU Summit was making progress, after Angela Merkel canceled Thursday’s press conference.
Late Afternoon Rally Trims Dow's Losses
The Supreme Court upheld ObamaCare in a 5-4 ruling, lifting medicaid and hospital stocks, while hurting private health insurers.
Currencies
Investors fled to safety, lifting the US Dollar and the Japanese Yen. The Canadian Dollar led the losers, dropping .8% to 1.0332. The Australian Dollar fell .4% to 1.0038, and the Pound slipped .3% to 79.47. The Euro and Swiss Franc eased .2% to 1.2443 and .9652 respectively, while the Yen gained .3% to 79.47.
Economic Outlook
The final GDP reading for the first quarter was in line with forecasts, indicating an annual growth rate of 1.9%. Weekly unemployment claims improved by 6K to 386K, but were slightly short of forecasts for 385K.
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Daily Analysis – Late Afternoon Rally Limits Losses
Published 06/29/2012, 07:28 AM
Updated 05/14/2017, 06:45 AM
Daily Analysis – Late Afternoon Rally Limits Losses
Equities
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