Equities
Asian markets traded mixed ahead of the weekend’s European summit. The Nikkei closed down fractionally, and the ASX 200 edged down .1%. Korea’s Kospi rallied 1.8%, as LG Display surged 7.8% despite posting a loss. In China, the Hang Seng rose .2%, while the Shanghai Composite slipped .6% to a 31-month low.
European indexes rallied, on hopes for a European bailout deal. The DAX jumped 3.6%, the CAC40 gained 2.8%, and the FTSE climbed 1.9%.
US markets continued the rally, as the Dow soared 267 points to 11809. The Nasdaq rose 1.5% and the S&P 500 gained 1.9%, while the VIX dropped 10% to 31.32.
Dow Soars 267 Points
Honeywell shares rallied 5.8% after reporting strong earnings and lifting its outlook. GE shares slipped 1.9% on earnings that were in line with forecasts.
Seagate share jumped 28% on expectations the hard drive maker won’t suffer as much as rival Western Digital from the floods in Asia.
Currencies
The Japanese briefly touched a record high against the dollar in the early morning, hitting 75.78, before recovering. The pair closed at 76.29, up .7%. The Swiss Franc jumped 1.3% to 1.1333, and the Australian Dollar rallied 1.4% to 1.0370. The Pound closed up 1%, and the Euro settled with a gain of .8% at 1.3896.
Economic Outlook
Monday’s sole reports will be the Chicago Fed’s National Activity Index.
Asian markets traded mixed ahead of the weekend’s European summit. The Nikkei closed down fractionally, and the ASX 200 edged down .1%. Korea’s Kospi rallied 1.8%, as LG Display surged 7.8% despite posting a loss. In China, the Hang Seng rose .2%, while the Shanghai Composite slipped .6% to a 31-month low.
European indexes rallied, on hopes for a European bailout deal. The DAX jumped 3.6%, the CAC40 gained 2.8%, and the FTSE climbed 1.9%.
US markets continued the rally, as the Dow soared 267 points to 11809. The Nasdaq rose 1.5% and the S&P 500 gained 1.9%, while the VIX dropped 10% to 31.32.
Dow Soars 267 Points
Honeywell shares rallied 5.8% after reporting strong earnings and lifting its outlook. GE shares slipped 1.9% on earnings that were in line with forecasts.
Seagate share jumped 28% on expectations the hard drive maker won’t suffer as much as rival Western Digital from the floods in Asia.
Currencies
The Japanese briefly touched a record high against the dollar in the early morning, hitting 75.78, before recovering. The pair closed at 76.29, up .7%. The Swiss Franc jumped 1.3% to 1.1333, and the Australian Dollar rallied 1.4% to 1.0370. The Pound closed up 1%, and the Euro settled with a gain of .8% at 1.3896.
Economic Outlook
Monday’s sole reports will be the Chicago Fed’s National Activity Index.