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Morning Market Update: Helicopter Ben At It Again

Global markets were fairly subdued again overnight, although there were some modest gains after the Fed Chairman indicated that stimulus program may not be reduced as soon as investors speculated.

European stocks rose, bouncing back from their biggest drop in more than a week, as Bernanke said that the pace of the recovery will determine when the central bank reduces its asset purchases.

The Stoxx 600 Index gained 0.6% to 297 at the close in London, after earlier falling as much as 0.6%. The FTSE 100 put on 16 points (+0.2%) to close trading at 6572 while the German DAX added 54 points (+0.6%) to settle at 8255.

U.S. stocks rose, after the S&P 500 snapped an eight-day rally the previous session, as Bernanke said that the central bank’s asset purchases are not on a preset course.

The S&P 500 rose by five points (+0.3%) to finish trading at 1681 after falling from a record high the previous session while the Dow Jones climbed 19 points (+0.1%) to close at 15471.

Crude oil gained after a government report showed that U.S. inventories decreased more than expected as refineries boosted fuel production.

Oil for August delivery climbed 48 cents to settle at $106.48 a barrel on the New York Mercantile Exchange.

Gold futures fell the most in more than a week after the U.S. dollar rebounded, curbing demand for the metal as an alternative investment. Bullion futures for December delivery fell 1% to settle at $1,278.80 on the Comex in New York.

The Conference Board will release its CB Leading Index report today, at 10:00 am. The National Australia Bank Limited will release its quarterly NAB Quarterly Business Confidence report today, at 11:30 am.

 

Morning Market Update: Helicopter Ben At It Again is a post from: Australian Stock Report Market Pulse Blog