The Dow plunged 360 points last night on a number of issues, the most prevalent being the same old story – financial sector woes.
Is gold just a US dollar story? Things may look different in different currencies.
The Dow put on over 100 points as the ever-weakening US dollar sent commodities skyrocketing and there was some buying in the financial sector.
Morgan Stanley analysts want to pre-warn the market that global currency intervention is a looming threat.
Asia called the Dow down 2% yesterday but got only 0.4% last night in another volatile session.
The emergency board meeting on the weekend has resulted in Citi admitting to a further US$8-11bn in write-downs to follow.
The RBA is widely expected to raise interest rates by 25 basis points on Wednesday following the Cup.
A Dow close of +27 last night belied the extreme volatility throughout the session. Gold rocketed through US$800/oz.
The Dow fell 362 points last night as the financial sector woke up to the fact there’s still a credit crunch going on.
The Fed gave the market what it wanted but indicated that will be all for now. Wall Street still loved it. The Dow rose 137. Oil hit US$95. Gold hit US$800.