U.S. Market Update
Jul 09 07 16:28 GMT
U.S. Market Update
Dow +23 NASDAQ -0.3 S&P -0.3
U.S. equity Indices open moderately higher following strength in the overseas markets but have since drifted back towards the unchanged mark. SQA.A +52% was today's standard Monday morning takeover announcement. Shares of engine markers PCAR and CMI are up more than 4% after an upgrade by the Bear Stearns analyst. SCHN +17% reported strong Q3 results ahead of this afternoon's earnings season kick-off by AA, leading to strength in other metals stocks. MT +2.6% RS +2.5% ZEUS +2.6% Gold, Sliver, and Copper futures are all trading up more than 1% on the day as well. FDX is helping add to gains in the Transportation Average after receiving a positive mention in Barron's. Healthcare is one of today's weaker sectors with hospital, drug, and managed care names predominantly in the red. Crude is holding near unchanged consolidating last weeks gains while natural gas and gasoline futures are adding more than 1%.
The USD consolidated its recent losses against the four major currencies. EUR/USD held above the 1.3620 level within striking distance of setting fresh all-time highs above the 1.3681 area. GBP/USD tested the 2.0150 area, but remains in the upper band of its recent trading range. Cable holding steady despite softer PPI data earlier in the session. USD/CAD Held nears its 30 year lows as oil maintained its footholds above $72/barrel and firmness in industrial metals after UBS UBS raised its 2007 forecasts on Steel, uranium, lead and gold, iron ore prices. Gold was also aided firmer by comments from the Iraqi Foreign Minister who noted that some 140K Turkish troops were amassed on its Northern border. Spot Gold was higher by over $5 above the $661/oz level. Turkey is seeking a viable way to curb the activities of the Kurdistan Workers Party, or PKK, which has bases inside Northern Iraq. European Fixed-income instruments reversed earlier losses and probed into positive territory for the session. Sept Bunds higher by 7 ticks at 111.00, Gilts firmer by 3 ticks at 103.14
Originally Posted by mohsen223
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