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S&P 500 closes above 1300 for 1st time since August 2008

The S&P 500 Index closed above 1,300-mark for the first time since August 2008 and Dow Jones Industrial Average above 12,000 level for the first time since June 2008, post strongest single session gain in eight weeks.

February 02, 2011 / 08:45 AM IST

By Varinder Bansal, Research Analyst at CNBC-TV18


The S&P 500 Index closed above 1,300-mark for the first time since August 2008 and Dow Jones Industrial Average above 12,000 level for the first time since June 2008, post strongest single session gain in eight weeks.


Egypt President Mubarak said that he will step down at the next election, but would stay in office until then


The Dow Jones ended up 148 points at 12,040. The Nasdaq Composite was up 51 points at 2,751 and S&P 500 was up 21 points at 1,308.


US Advancing Sectors: Materials rose 2.8%, Financials went up 2.2%, Energy gained 1.9%, Tech rallied 1.8%


Asian markets opened higher; Nikkei was up 2% and Straits Times up 0.5%. SGX Nifty went up 0.85%.


European shares made their biggest gain in three weeks: CAC was up 1.68%, DAX up 1.51% and FTSE up 1.62%.


Peripheral European markets: Athex Comp surged 4.4% after Credit Suisse said that Greece is the cheapest of the peripheral markets


CBOE Volatility Index fell over 9% below 18


Alert: Shanghai, Kospi and Taiwan shut today


US Economic News


January ISM Manufacturing Index improved to a six-year high of 60.8 while market expected at 58.4


Construction spending during December fell 2.5% as against expected decline of 0.4% 


Global M&S


Pfizer surged 5.5% on better-than-expected earnings and announced plans to cut its research and development spending


Currencies


Dollar Index fell 1% to its lowest level in more than two months


Dollar was down 87 basis points versus Euro at 1.38


Yen went up 63 bps versus USD at 81.44


Commodities


March crude oil contract was down 1.5% at USD 90.77/barrel


March natural gas contract fell 1.4% at USD 4.34 per MMBtu


Gold was up 0.4% at USD 1340.30 per ounce


March silver gained 1% at USD 28.51 per ounce


Baltic Dry Index was down 2%


Data to watch


Wednesday: Weekly mortgage applications, Challenger job-cut report, ADP employment report, oil inventories; earnings from NewsCorp, Visa

Alert: ECB announcement & US ISM non-manufacturing tomorrow, and US Nonfarm payrolls on Friday

first published: Feb 2, 2011 07:44 am

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