U.S. markets reached record levels again after the GDP report showed the economy to expand by its fastest pace in 11 years, gaining 5% over the last quarter. The S&P 500 closed at 2,082.17, the 51st record close this year. The Dow Jones closed 0.36% higher at 18,024.17. This is the first time the index has ever closed above 18,000 and marks one of the fastest 1000 point increases in history. Asian markets were mixed across the region. The Nikkei gained 1.24% as the Dollar rallied against the Yen yesterday climbing to a high of 120.8. Although it weakened slightly before the close of the session, it remained at a two week high against the Yen. The Hang Seng added 0.07% and the Shanghai Composite dropped 1.98% as the Chinese government is taking steps to cool the market. European markets finished mixed today. The DAX remained closed for Christmas Eve and the CAC 40 & FTSE traded for a half day. The CAC 40 lost 0.45% after gaining yesterday on Consumer Spending data. The FTSE 100 closed 0.18% higher led by Smith & Nephew up 7.71%. The company jumped on reports that a U.S company, Stryker, is starting a takeover bid.
WTI Crude climbed on a number of factors. U.S GDP data showed that economic recovery is ongoing and suggested that oil demand may increase. Arabic OPEC producers also reported that they believe the price will climb back above $70/barrel by the end of next year. The rally was short lived, however, and the price is falling back down after a supply report from the API. The report showed that inventories climbed by 5.4million barrels in the past week. Traders should watch data from the EIA will release data at 3.30PM (GMT). Gold traded choppy yesterday. The price first gained as it rebounded from a sharp fall. However, it later fell following the U.S GDP data and rallies in the stock market. Bearish sentiment remains today and the selloff resumed after stronger than expected Initial Jobless Claims data.
Today’s Main Events:
13.30 GMT: USD – Initial Jobless Claims – measures the number of individuals who filed for unemployment insurance for the first time during the past week
23.50 GMT: JPY – Monetary Policy Meeting Minutes – a detailed record of the Bank of Japan’s policy setting meeting, containing in-depth insights into the economic conditions that influenced the decision on where to set interest rates.
03.45 GMT: JPY – BoJ Governor Kuroda Speaks – Due to speak in Tokyo
December 24, 2014 – Daily Market News
Today’s Hot Assets: Gold, Oil
U.S. markets reached record levels again after the GDP report showed the economy to expand by its fastest pace in 11 years, gaining 5% over the last quarter. The S&P 500 closed at 2,082.17, the 51st record close this year. The Dow Jones closed 0.36% higher at 18,024.17. This is the first time the index has ever closed above 18,000 and marks one of the fastest 1000 point increases in history. Asian markets were mixed across the region. The Nikkei gained 1.24% as the Dollar rallied against the Yen yesterday climbing to a high of 120.8. Although it weakened slightly before the close of the session, it remained at a two week high against the Yen. The Hang Seng added 0.07% and the Shanghai Composite dropped 1.98% as the Chinese government is taking steps to cool the market. European markets finished mixed today. The DAX remained closed for Christmas Eve and the CAC 40 & FTSE traded for a half day. The CAC 40 lost 0.45% after gaining yesterday on Consumer Spending data. The FTSE 100 closed 0.18% higher led by Smith & Nephew up 7.71%. The company jumped on reports that a U.S company, Stryker, is starting a takeover bid.
WTI Crude climbed on a number of factors. U.S GDP data showed that economic recovery is ongoing and suggested that oil demand may increase. Arabic OPEC producers also reported that they believe the price will climb back above $70/barrel by the end of next year. The rally was short lived, however, and the price is falling back down after a supply report from the API. The report showed that inventories climbed by 5.4million barrels in the past week. Traders should watch data from the EIA will release data at 3.30PM (GMT). Gold traded choppy yesterday. The price first gained as it rebounded from a sharp fall. However, it later fell following the U.S GDP data and rallies in the stock market. Bearish sentiment remains today and the selloff resumed after stronger than expected Initial Jobless Claims data.
Today’s Main Events:
13.30 GMT: USD – Initial Jobless Claims – measures the number of individuals who filed for unemployment insurance for the first time during the past week
23.50 GMT: JPY – Monetary Policy Meeting Minutes – a detailed record of the Bank of Japan’s policy setting meeting, containing in-depth insights into the economic conditions that influenced the decision on where to set interest rates.
03.45 GMT: JPY – BoJ Governor Kuroda Speaks – Due to speak in Tokyo
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