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Daily Analysis – Market Rests after Thursday’s Rally

ByBinary Options Strategy
Published 11/16/2011, 05:24 AM
Updated 05/14/2017, 06:45 AM
NDX
0.12%
DE40
1.68%
JP225
1.26%
HK50
-0.20%
Equities

Asian markets extended their gains on Friday, as investors cheered progress in the Euro debt crisis.  The Nikkei rallied 1.4% to 9050, althoughOlympusshares continued to drop as the FBI announced it was investigating the firm’s finances.  InKorea, the Kospi rose .4%, lifted by Samsung Electronics which announced it has surpassed Apple to become the number one smart phone maker.  InChina, the Hang Seng rallied 1.7% to 20019, and the Shanghai Composite climbed 1.6%.

InEurope, the major indexes closed mixed, as the DAX inched up .1%, while the CAC40 lost .6% and the FTSE eased .2%.  Despite the progress in the debt negotiations, yields at an auction of 10-year Italian bonds jumped past 6%, as investors remain anxious over the region’s future.

US markets closed little changed, with the Dow closing up 23 points to 12231, while the Nasdaq closed down fractionally.




Market Pauses After Recent Rally

MF Global shares plunged 16%, extending their losses, after Moody’s downgraded the firm.

HP cancelled plans to spin off its pc business, sending shares up 3.5%.

Currencies

The major currencies consolidated after rallying sharply against the Dollar on Thursday.  The Euro slipped .2% to 1.4148, the Pound rose .2% to 1.6132, and the Yen gained .2% to 75.83.  The Australian Dollar and Canadian Dollar both declined fractionally, while the Swiss Franc eased .4% to 1.1584.

Economic Outlook

Personal spending jumped by .6%, in line with expectations while personal income rose a mere .1%, less than the .4% forecast.  Consumer confidence rose to 60.9 from 57.5, better that expected.

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