Daily Analysis – US Markets Rise for Fifth Straight Day
Binary Options Strategy | Oct 24, 2011 07:38AM ET
Thursday’s announcement of increased liquidity by central banks to aid European banks lifted Asian markets on Friday. The Nikkei gained 2.3% to 8864, the Kospi jumped 3.7%, and the ASX 200 advanced 1.9%. Chinese markets rose as well, with the Shanghai Composite up 1.9% and the Hang Seng gaining 1.4%.
European markets closed mixed, as the FTSE rose .6% and the DAX up 1.2%, while the CAC40 declined .5%. French banks struggled, with BNP Paribas sinking 7%, although the European banking sector rose as a whole.
US markets succeeded in climbing for a 5th straight day. The Dow rose 76 points to 11509, while the S&P 500 and Nasdaq both gained .6%. The VIX dropped 3% but remained above 30.
Netflix shares continued to fall, dropping 8.5% after the company lowered its outlook for sales on Wednesday. Research in Motion shares tumbled 19% on weak earnings data.
Currencies
The Dollar traded mixed as exuberance over the influx of liquidity faded. The Euro declined .6% to 1.3794, the Swiss Franc dropped .7% and the Yen eased .1% to 76.80. The Canadian Dollar rallied .6% to .9792, and the Australian Dollar rose .4% to 1.0369.
Economic Outlook
Consumer confidence data from the University of Michigan showed a slight improvement from last month, rising to 57.8 from 55.7 in the prior month. However, consumer expectations dropped to 47 from 47.4, the lowest reading in 31 years.
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