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Morning Market Update: Surprise To The Upside

Global markets resumed their winning ways overnight, with the Dow and S&P500 both posting new record closing highs.

The gains came despite a mixed batch of economic data. Retail sales surprisingly contracted in September, whilst consumer confidence slumped the most in two years this month due to the recent budget drama.

However investors chose to ignore the economic results, instead betting the Fed will hold off on adjusting stimulus this week in light of the weak data.

The Dow jumped 111 points (+0.7%) to 15680, the S&P500 put on 10 points (+0.6%) to 1772 and the Nasdaq added 12 points (+0.3%) to 3952.

There was mostly red in commodity markets, with oil logging its first losing session in four as a drop in US consumer confidence fed concerns over faltering energy demand.

Gold was also weaker, weighed down by a rebound in the US dollar. The greenback was strongest against resource-linked currencies, which were hurt collectively by the fall in commodity prices.

Our dollar slid below 95 US cents after yesterday’s speech by Glenn Stevens raised hopes of another RBA rate cut. In economic news, HIA New Home Sales are due for release at some stage today.

Morning Market Update: Surprise To The Upside is a post from: Australian Stock Report Market Pulse Blog

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