The DOW opened with a 70 plus point opening recouping some of last night losses, as did S&P , good results from Face book ,Time Warner and some other companies did take it up, though Exxon dissappointed .The main driver was the GDP figure of 3.2 percent on annual basis, which says another quarter of good performance by the economy, and consumer spending has picked up to 3.3 percent.This is a good sign for any economy.
But the Index is now down from the days high as the jobless claims have risen as well the pending home sales have dropped by 8.7 percent and not just in one region.This data will be analysed in detail, in a later post.This does not sound too good for the housing market which is the bedrock of the american economy.It had a resultant effect on the mortgage interest which fell today.Some good news with the bad news.
Dollar has risen against most currency ..the Argentinian peso, Turkish lira and the rand took a breather.But Hungarian florint hit a two year low.Another sign of a submerging currency?Dollax is now hovering at 81 level which shows the currency is strengthening.
More updates later in the evening , the dow is on the road to recovery and the excitement of the fed policy and wild swings in results is slwoing down. It should recover positively as the evening goes by.
But the Index is now down from the days high as the jobless claims have risen as well the pending home sales have dropped by 8.7 percent and not just in one region.This data will be analysed in detail, in a later post.This does not sound too good for the housing market which is the bedrock of the american economy.It had a resultant effect on the mortgage interest which fell today.Some good news with the bad news.
Dollar has risen against most currency ..the Argentinian peso, Turkish lira and the rand took a breather.But Hungarian florint hit a two year low.Another sign of a submerging currency?Dollax is now hovering at 81 level which shows the currency is strengthening.
More updates later in the evening , the dow is on the road to recovery and the excitement of the fed policy and wild swings in results is slwoing down. It should recover positively as the evening goes by.