US Market Roundup – Rally on Bad News again US stock continue the rise yesterday, after yet more bad news similar to the day before. This time round the culprit was the Initial Jobless Claims, which came in at 346K, slightly higher than the expected 345K, with previous week’s data revised higher to 355K. Market apparently loved the worse than expected data, with US stocks rallying immediately on the news. To be fair, the immediate rally wasn’t really astronomical, with S&P 500 gaining 2.5 points within after 5 mins and Dow 30 clocking less than 25 points higher. Nonetheless, both indexes went on to further gains, closing in at 0.62% and 0.77% respectively, suggesting that the early gains did have some impact to fuel overall bullish sentiment, or at the very least, did no harm to the overall bullish sentiment spilling over from yesterday. This enhances the assertion that market is looking out for bearish US economic numbers to rub Bernanke’s nose in, believing that he will not be forced to retract his QE3 tapering timeline. forexblog.oanda/20130628/us-market-roundup-rally-on-bad-news-again/
Posted on: Fri, 28 Jun 2013 09:17:41 +0000
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