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Sep 07, 2012, 09.03 AM IST
The US markets surged across the board to finish at multi-year highs, led by an upbeat economic reports and after ECB President Mario Draghi said the central bank agreed on a new bond-buying program.
The Dow surged 1.87% at 13292, logging its best close since December 2007. The S&P 500 was up 2% at 1432.12 posting its highest finish since January 2008. The Nasdaq jumped 2.17% at 3135.81 logging its best close in 12 years. The CBOE VIX tumbled 10%.
On economic data front, jobless claims declined 12,000 last week to a seasonally adjusted 365,000, hitting its lowest
level in a month. ADP report showed that private businesses added 201,000 jobs in August. And the pace of growth in the services sector rose to 53.7 in August, according to ISM's non-manufacturing report.
In key data to watch out in US today, the crucial jobs report will be released ahead of the Federal Reserve's policy meet next week. Nonfarm payrolls are expected to decline to 125,000. However, the unemployment rate could remain at the elevated 8.3% rate.
In the currency space, the euro trades higher in volatile trading after ECB unveiled a new and potentially unlimited bond-buying program to stem the euro zone debt crisis.
Brent crude prices slump below USD 113 levels.
From the precious metals space, gold prices surged to above USD 1700 levels post ECB's bond buying program. Currently choppy following some better than expected US economic data.
Tags: US markets, Wall Street, Dow Jones Industrial Average, Nasdaq Composite, Standard & Poor's 500
May 22 2013, 13:11
- in MARKET OUTLOOK
May 22 2013, 10:44
- in Economy