New ETF Book by Larry Connors - Click here to read more
U.S. 10-year Treasury bonds rose 1/32 to a yield of 4.788%, as U.S. equities continued to drop. Treasuries saw the largest weekly advance in four months on investors leaving the equities market as well as speculation on a possible credit crunch.
The dollar rose to a 2-week high against the Euro and advanced the most versus the pound since March. Subprime fears have brought U.S. investors back into the currency.
Second-quarter GDP reports came in higher than expected posting a 3.4% rise versus consensus of 3.2%. This was the strongest performance since the first-quarter of 2006. Core PCE dropped from 2.4% to 1.4% compared to economist expectations of 2.0%.
The dollar also bounced against the Canadian dollar for the third straight day as investors unwound risky bets in commodity-linked currencies.
Crude oil futures rose 2.7% today after the GDP report showed higher growth, indicating fuel demand will rise.
Gold futures fell 0.4% today on speculation that the rising dollar will reduce gold's demand as an alternative investment. Copper futures rebounded 0.7% on the positive GDP report.
Soybeans gave back yesterday's gains losing 0.8%, while corn futures rose 1.4%.
The global selloff continued on Wall Street today, after heavy overnight selling in Asia and Europe. The selling engulfed all the major indices, as investors shunned risk in the wake of the credit market turmoil and housing slump. Click here for the rest of today's Stock Market Recap.
| Economic News | |
|
John Lee
Associate Editor
johnl@tradingmarkets.com
Join TradingMarkets Director of Education, Steve Primo, as he teaches a number of quantitative strategies that can potentially give you an edge in your trading.
Sign up now for one of our free training classes and start learning how to become a better trader.
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
