Stocks Surged, But the Dollar Didnít Show the Same Intraday Movement

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Stocks Surged, But the Dollar Didnít Show the Same Intraday Movement

Post  harpal1980 on Tue Nov 17, 2009 1:32 am

The week started on a positive note, as the major stock indices soared higher yesterday, accompanied by inclining volume. Even though economic data was mixed, and Bernanke tried to support the declining Dollar, investors looked past the data, extracting further profits from the recent rally.

The buying was broad based and was led by the Energy sector. Financials also helped to push the indices higher, closing with a gain of 2.29%. From a technical point of view the S&P500 managed to breach its prior high during yesterdayís session and joined the Nasdaq and the Dow Jones Industrial Average, by claiming a higher-high.

On the data front, Retail sales jumped by 1.4%, compared to an expected 1% figure, while the core figure came in under expectations. Furthermore the NY Empire State Manufacturing Index disappointed analysts, releasing a 23.50 result, compared to an expected 30.00. One must note that the NY Empire State Manufacturing Index measures the economic health of the manufacturing sector by a survey of approximately 200 manufacturers in the New York State.

Read the full article at our Trading Reports Section


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