S&P Closes Above 2,000 and Dow Hits New Intraday High After Record Durable Goods Orders
August 27, 2014 7:14 am
The S&P 500 closed above the 2,000 level for the first time yesterday, after strong data releases helped the Index to consolidate recent gains. August Consumer Confidence figures beat expectations, coming in at 92.4 instead of the predicted 89. However, the really stellar news was in the field of US Durable Goods Orders; July saw an incredible 22.6% increase, a new record and far beyond the 7.5% expected growth, with a high volume of aircraft orders contributing to the surge. Affected by this news. the Dow also reached a record intraday high yesterday at 17, 153.80. It closed at 17,106.70. moving nearer to the current record closing high of 17,138.20, which was reached 6 weeks ago.
RBS has been fined £14.5 million by the FCA over mis-selling mortgages. The sum is a drop in the ocean compared to previous multi-billion pound fines the bank has had to pay, but it is another unwelcome reminder of past failures at the bank, at a time when RBS is looking to move forward. Meanwhile, mainland Europe is seeing the Euro at an 11-month low against USD. With Euro zone confidence figures out tomorrow, there is the possibility that sufficiently negative numbers could result in the ECB initiating quantitative easing measures, especially after Mario Draghi’s dovish comments at Jackson Hole over the weekend. The FTSE is currently trading roughly level, but the DAX and CAC are both down slightly, with peace negotiations between Russia and Ukraine somewhat soured by the capture of serving Russian troops on Ukrainian territory.
Today is a quieter day on the macroeconomic front, with markets looking towards tomorrow’s European confidence numbers and unemployment rate figures to provide further direction.
The S&P 500 closed above the 2,000 level for the first time yesterday, after strong data releases helped the Index to consolidate recent gains. August Consumer Confidence figures beat expectations, coming in at 92.4 instead of the predicted 89. However, the really stellar news was in the field of US Durable Goods Orders; July saw an incredible 22.6% increase, a new record and far beyond the 7.5% expected growth, with a high volume of aircraft orders contributing to the surge. Affected by this news. the Dow also reached a record intraday high yesterday at 17, 153.80. It closed at 17,106.70. moving nearer to the current record closing high of 17,138.20, which was reached 6 weeks ago.
RBS has been fined £14.5 million by the FCA over mis-selling mortgages. The sum is a drop in the ocean compared to previous multi-billion pound fines the bank has had to pay, but it is another unwelcome reminder of past failures at the bank, at a time when RBS is looking to move forward.
Meanwhile, mainland Europe is seeing the Euro at an 11-month low against USD. With Euro zone confidence figures out tomorrow, there is the possibility that sufficiently negative numbers could result in the ECB initiating quantitative easing measures, especially after Mario Draghi’s dovish comments at Jackson Hole over the weekend. The FTSE is currently trading roughly level, but the DAX and CAC are both down slightly, with peace negotiations between Russia and Ukraine somewhat soured by the capture of serving Russian troops on Ukrainian territory.
Today is a quieter day on the macroeconomic front, with markets looking towards tomorrow’s European confidence numbers and unemployment rate figures to provide further direction.
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