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Stocks Rise On Earnings Optimism

ByBinary Options Strategy
Published 07/19/2012, 06:31 AM
Updated 05/14/2017, 06:45 AM
Equities

Asian markets rallied on Thursday as US earnings helped to calm fears of a corporate slowdown. The Hang Seng index in Hong Kong rose 1.7% to 19,566.20 whilst China rallied on speculation that Beijing will take more steps to boost a slowing economy with the Shanghai Composite up 0.7% to 2184. The Nikkei rose .8% to 8795, the Kospi rallied 1.6% to 1822, and the ASX 200 jumped 2% to 4206.

European markets ended the session on a positively with Dax up 1.2% to 6690, Eurostoxx 50 up 1% to 2284 and the FTSE was up 1% to 5685. All European gains were largely on the back of positive earnings results. Whilst Thursday investors of Nokia are preparing themselves for weak 2 Qtr phone sales

US equities also posted gains on Wednesday with the DJIA +0.8% to 12908, the S&P500 +0.7% to 1372. Stocks finished positive as there was still buyers coming in following the Fed Chairman’s speech on Tuesday. After the bell IBM reported and gave some positive guidance which helped kick the Asian markets along.
SPX CHART
Currencies
The Australian dollar rallied 0.6% to 1.0365. Dollar index was largely unchanged at 83.08. The euro was also up slightly at 1.2279 but has managed to continue its gains in early trade. The pound also largely unchanged at 1.5650

Economic Outlook
US treasury secretary Geithner said that he sees significant drag still on the US recovery and that the economy needs a very significant program of support for economic growth. With Jobs data, existing home sales and the Philly Fed out today its sure to keep traders on their toes.

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