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Jun 13, 2012, 08.57 AM IST
The US markets rallied over a percent, ending at the high point of the day and wiping out most of the previous session's declines amidst optimism that central banks could move towards stimulating the global economy.
Dow Jones Industrial Average rose 1.31% or 162.57 points at 12573.8. Nasdaq Composite gained 1.19% or 33.34 points at 2843.07. Standard & Poor's 500 added 1.17% or 15.25 points at 1324.18. Also helping sentiment was the relative bounce back we saw in Italian and Spanish 10 year bond yields towards the close of the European markets despite a Fitch downgrade on Spain's banks. The CBOE volatility index slipped near 22. Also listen to the accompanying audio.. On economic data front, import prices recorded their biggest decline in almost two years in May. Meanwhile, export prices slipped for the first time since December. In key data to watch out for in the US today, the producer price index is expected to contract by 0.6%. Also watch out for retails sales data which is expected to decline by 0.2%. In the currency space, the euro rises to around 1.25 to the dollar as investors cashed in bearish bets on the single currency ahead of Sunday's Greek election. However, the gains were capped by record high Spanish bond yields. The dollar index holds above the 82 mark. In the precious metals space, gold prices rise around 1% to above 1600 levels. In commodities, crude prices soft in Asia trade with Brent hovering around USD 97 levels.
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