US mkts make fresh 2-year high post JPM, Intel nos
The Dow Jones Industrial Average ended up 55.5 points at 11787. The Nasdaq Composite was up 20 points at 2755 and S&P 500 Index rose 9.5 points at 1293.
January 17, 2011 / 08:46 IST
By Varinder Bansal, Research Analyst at CNBC-TV18
The US markets made fresh 2-year high post better-than-expected results from JPM and Intel. China raised banks' reserve requirement ratio by 50 bps & higher PPI numbers from UK.The Dow Jones Industrial Average ended up 55.5 points at 11787. The Nasdaq Composite was up 20 points at 2755 and S&P 500 Index rose 9.5 points at 1293.KBW Bank Index surged 2.3% to a six-month high post JPMorgan Chase resultsUS Advancing Sectors: Financials rose 1.7%, Energy went up 1.2%, Tech gained 0.9%Asian markets opened marginally in the green: Nikkei was up 0.5% and Kospi up 0.2%. Taiwan and Straits Times were flat.Sensex underperformed global peers for second week running; which was down 4.2% versus gain of 3% by CAC.European markets ended flat: CAC was up 0.21% while FTSE down 036%. CBOE VIX fell 5.7% at 15.46.Alert: US markets closed today on account of Martin Luther King Junior DayGlobal NewsChina raised banks' reserve requirement ratio by 50 bps; raised its bank reserve requirements for the seventh time since early 2010 December UK PPI spiked to 3.4% versus 0.9%, market expected 1.7%US Economic NewsDecember CPI increased 0.5%, against expected 0.4% December retail sales increased 0.6% versus 0.8% (MoM)December Industrial production increased 0.8%, against expected 0.4% Preliminary consumer sentiment for January at 72.7 versus 74.5 (MoM), against expected 75.5 November business inventories increased 0.2%, against expected 0.8% Global M&SJPM was up 1%, as its 4Q PAT jumped 47% at USD 4.8 billion or USD 1.12/share from USD 3.3 billion or 74 cents/share as the company set aside less money to cover loan lossesOther US banking stocks: Bank of America was up 3.2%, Wells Fargo up 2.7%, American Express up 2.6% and Morgan Stanley up 2.4%CurrenciesDollar was down 10 bps versus Euro at 1.33Yen fell 33 bps versus USD at 82.95Korean Won rose 1.65% versus USDCommoditiesCRB Commodity ended flat, gained 2.8% for the weekCrude Oil jumped 0.1% at USD 91.53/barrelNatural gas was up 1.6% at USD 4.48 per MMBtuGold ended down 2% at USD 1359/ounce Silver was down 3.4% at USD 28.27/ounce
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