Late news from both BP and Goldman Sachs turned Wall Street around from economic data weakness last night. Dow down 7.
The week-long rally found some profit-takers last night as the Fed poured cold water on recovery enthusiasm. Dow up 3. (Locked for subscribers until 10:00 AEST)
Wall Street surged higher once more in the wake of positive initial earnings. Intel’s post-market result suggests a seventh consecutive rally tonight. Dow up 146.
The recently established Dagong credit rating agency has made its first sovereign assessments, rating US bonds AA, Britain’s AA- and Australia’s AAA.
Alcoa’s after-the-bell result beat expectations and that’s all that matters. Wall Street went nowhere all session as it waited. Dow up 18.
The market agrees oil prices will head higher as the global economy recovery and market fundamentals improve, with RBS Australia offering its preferred list for playing the sector.
A wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
A brief look at important company events and economic data releases next week.
This week’s rally seems like a repeat of what happened in July 2009. Chartists at Barclays have found another similar looking precedent.
Lower jobless claims helped Wall Street build on Wednesday’s surge as risk appetite continues to return. Dow up 120.