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?
There are several reasons to fear a gold pullback, although not all brokers are convinced.
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.
Some earnings reports that didn’t disappoint and another benign CPI conspired to send the Dow up 250, the greenback to hell, and commodity prices to the moon once more.
It was up, down and all around for a 60 point gain last night on data, earnings and new record oil.
The Dow closed down 23 points last night as one of the big commercial banks reported greater than expected losses.