Equities
On Friday, Asian markets closed higher ahead of US payroll data, boosted by a boost in liquidity by the ECB. The Nikkei advanced 1% to 8606, the Kospi rallied 2.9%, and the ASX 200 climbed 2.3%. Hong Kong’s Hang Seng jumped 3.1% to 17707, while China’s Shanghai Composite remained closed for a holiday, but will reopen on Monday.
US payroll data was stronger than forecast, as the economy gained 103K jobs, sending European stocks higher in the afternoon. European indexes rose modestly, closing at a 5-week high. The CAC40 rose .7%, the DAX gained .5% and the FTSE edged up .2%. Mining and resource stocks led the gains, as the sector advanced 1.4%.
Despite the upbeat payroll news, US markets closed down in a volatile session. The Nasdaq slid 1.1%, the S&P lost .8%, while the Dow fared better, closing down just 20 points at 11103.
Financial firms fell sharply as Goldman Sachs, Citigroup, and Morgan Stanley all fell more than 5%.
Sprint shares tumbled nearly 20% after announcing it would stop supporting devices which use the Clearwire networks. Clearwire’s shares plunged 32%.
Currencies
Currencies closed mixed after a volatile session. The Euro slipped .4% to 1.3378 while the Pound rose .8% to 1.5562. The Swiss Franc eased .7% to 1.0785, and the Yen closed flat at 76.69.
Economic Outlook
Wholesale inventories rose .4%, less than expected.
Moody’s downgraded 12 UK financial firms, and Fitch cut ratings on Italy and Spain.
Monday is Columbus Day. Banks will be closed, but the markets are open. No major economic reports are scheduled for Monday.
On Friday, Asian markets closed higher ahead of US payroll data, boosted by a boost in liquidity by the ECB. The Nikkei advanced 1% to 8606, the Kospi rallied 2.9%, and the ASX 200 climbed 2.3%. Hong Kong’s Hang Seng jumped 3.1% to 17707, while China’s Shanghai Composite remained closed for a holiday, but will reopen on Monday.
US payroll data was stronger than forecast, as the economy gained 103K jobs, sending European stocks higher in the afternoon. European indexes rose modestly, closing at a 5-week high. The CAC40 rose .7%, the DAX gained .5% and the FTSE edged up .2%. Mining and resource stocks led the gains, as the sector advanced 1.4%.
Despite the upbeat payroll news, US markets closed down in a volatile session. The Nasdaq slid 1.1%, the S&P lost .8%, while the Dow fared better, closing down just 20 points at 11103.
S&P Closes Down After Volatile Session
Financial firms fell sharply as Goldman Sachs, Citigroup, and Morgan Stanley all fell more than 5%.
Sprint shares tumbled nearly 20% after announcing it would stop supporting devices which use the Clearwire networks. Clearwire’s shares plunged 32%.
Currencies
Currencies closed mixed after a volatile session. The Euro slipped .4% to 1.3378 while the Pound rose .8% to 1.5562. The Swiss Franc eased .7% to 1.0785, and the Yen closed flat at 76.69.
Economic Outlook
Wholesale inventories rose .4%, less than expected.
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Moody’s downgraded 12 UK financial firms, and Fitch cut ratings on Italy and Spain.
Monday is Columbus Day. Banks will be closed, but the markets are open. No major economic reports are scheduled for Monday.
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