Daily Market Reports

Markets were confused and disappointed last night as a 25 point cut was accompanied by a non-committal statement. A strong rally evaporated.

Weak economic data offset reasonable earnings reports ahead of tonight’s Fed decision.

Wall Street traded in a narrow range last night as all markets squared up ahead of the Fed decision on Wednesday.

The FOMC is expected to go easy from here on. This is feeding through in higher prices for US shares, and for the US dollar.

While earnings and economic data were again mixed, Thursday’s session was dominated by a strong bounce in the US dollar, sparking life into financials and pressuring commodities.

The Dow rose 43 points last night on the back of mixed earnings reports.

The Dow fell 100 points last night on US$120/bbl oil driven by a new low in the US dollar.

Poor results from Bank of America and a leading regional bank put a dampener on bullishness last night. And might Citi eliminate its dividend?

The Dow leapt 229 points on earnings reports from Google and Citigroup, while oil closed at US$117/bbl.

Mixed earnings results left the Dow unch last night as yet again Wall Street has failed to push ahead after a big rally. Commodities likewise.