Equities, led by banking shares, rallied sharply yesterday as investors digested details of the US Treasury's plan for removing impaired assets from the financial system.
After opening higher, US stocks extended that rally. By midday, the S&P 500 was up 4.6 per cent and set to close above 800 for the first time since mid-February.
“The market is cautiously optimistic about the Treasury plan,” said Michael Kastner, portfolio manager at Sterling Stamos. “It's encouraging to see that the opening rally in stocks has not faltered, but continued during the session.”
Credit spreads for corporate bonds and credit derivatives also improved yesterday, with the US investment grade credit derivatives index at its best level since early February.
The dollar rallied 1.7 per cent against the Japanese yen. US government bond yields had edged higher at midday in New York.
Bill & Chelsea Clinton in NYC Oct 8 $150 open bar with Special musical
performer Marc Roberg of O.A.R
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Special musical performer Marc Roberg of O.A.R . Event starts at 7 pm. You
can buy tickets here. $150 general admission includes open bar. $2500
includes a...
8 年前
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