Monday, November 16, 2009

FusionIQ Market Wrap 11/16/2009 - Stocks gain across the board ...

U.S. stocks rallied across the board hitting 13-month highs on the heels of a rebound in retail sales.  In addition to stocks, commodities were also buoyed by the news that Asian government leaders pledged to maintain economic stimulus spending.  While stocks were strong the US dollar dropped to a 15-month low and two-year Treasury note yields fell to their lowest level since January.

While stock price rose Federal Reserve Chairman Ben S. Bernanke was quick to caution that we aren’t out the woods yet, noting that economic “headwinds” of reduced bank lending and a weak labor market will probably restrain the pace of the U.S. economic recovery.   Bernanke speaking to the Economic Club of New York further opined,  “Significant economic challenges remain,” and the “The flow of credit remains constrained, economic activity weak and unemployment much too high. Future setbacks are possible.”

On the session advancers outpaced decliners on the NYSE by a margin of nearly 5 to 1.  The NASDAQ was nearly as strong with while advancing stocks holding a 3 to 1 edge over declining issues.


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