Market Update July 22nd, 2013 Forex The pound strengthened versus the euro for the first time in six weeks as minutes from the Bank of England’s last meeting showed policy makers voted unanimously against expanding stimul us that tends to debase the currency. The pound climbed 1 percent last week to $1.5259. Canada’s dollar fell against the majority of its most-traded peers as the Federal Reserve damped speculation reduced monetary stimulus was imminent, crimping demand for the currency versus other higher-yielding assets. The loonie climbed 0.3 percent to buy 96.45 U.S. cents. Equities U.S. technology stocks paced a broad market retreat Friday, as disappointing results from Microsoft Corp. and Google Inc. sent those shares falling. Microsoft shed 11.4% to close at $31.40 a day after missing analysts targets, while Google gave up 1.6% to close at $896.60 after the search engine’s earnings came in below estimates. On a brighter note the industrial sector was underpinned by General Electric which jumped 4.6% after its slim earnings beat overshadowed a 3.5% year-over-year decline in revenue. The S&P 500 climbed 2.72 points or 0.2% to end at 1,692.09, an all-time closing high, while the Nasdaq fell 23.66 points or 0.7% to end at 3,587.61, leaving it down 0.4% for the week. The tech sector will likely continue to be a focus for the markets during the week ahead, as Apple Inc. is slated to release second-quarter results on Tuesday.
Posted on: Mon, 22 Jul 2013 06:48:52 +0000
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