Market News Asian stocks rose, with the regional index extending gains from a six-year high, as reports bolstered the outlook for the global economy The euro fell to an eight-month low against the dollar Tuesday, its lowest level since the European Central Bank surprised the market with a 25 basis point rate cut in November 2013. Investors bought the dollar, with some convinced the Federal Reserve will raise interest rates as early as March. But some analysts are skeptical about the strength of the rally, noting it was largely contained to the euro and the pound, with many other currencies rising against the dollar. The euro was trading at $1.3467 Tuesday, down from $1.3524 early Wednesday. The pound was at $1.7061 against the dollar, down from $1.7072 early Wednesday. The U.S. stock market closed modestly higher, boosted by better-than-expected inflation and housing reports as well as a flood of second-quarter earnings reports. The S&P 500 ended the session 9.93 points, or 0.5%, higher at 1,983.56. The Dow Jones Industrial Average added 61.81 points, or 0.4%, to 17,113.54. The Nasdaq Composite gained 31.31 points, or 0.7%, to 4,456.02. Apple Inc. shares fell in after-hours trading Tuesday as the company reported a decline in iPad sales, overshadowing better-than-expected quarterly earnings. Gold prices gained slightly in Asia on Wednesday as investors looked for fresh demand cues following U.S. data overnight that pointed to steady prices. Gold futures for August delivery traded at $1,307.70 a troy ounce, up 0.11%. The Australian dollar gained smartly in Asia on Wednesday as underlying consumer prices gained more than expected in the second quarter. AUD/USD traded at 0.9434, up 0.44%, after the data.
Posted on: Wed, 23 Jul 2014 14:08:23 +0000
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