News finance today 28/2/14


Let’s take a look at the global market highlights
and for February 28th 2014. US Durable Goods slide
Yellen’s Testimony rallies markets Crude Oil tumbles Let’s take a quick look at what is happening
in the global markets now. As the month draws an end along with the cold
winter weather blanketing the US, traders are hoping that economic data in March shows
an improvement. The S&P 500 has set a new record as buyers pushed US stocks higher,
helped by a cautiously positive view of the economy from Federal Reserve Chair Janet Yellen.
At the closing bell, the Dow Jones Industrial Average gained 74.30 points to 16,272.71.
The broad-based S&P 500 rose 9.15 points to 18-54.31, exceeding the record closing high
of 18-48.38 set on January 15 this year. Stocks were seen extending gains after a congressional
testimony from Yellen, with the new Fed chair indicating the central bank would consider
delaying its taper plans should economic data deteriorate further. The Fed will also maintain
rates at current levels for an indefinite period. US durable goods orders fell for the
second straight month, dipping 1 per cent in January. However, orders lifted 1.1 per
cent after stripping out the volatile transportation category. The result was better than expected.
European share markets pulled back from a day-long slide, finishing mostly mixed. London’s
FTSE 100 shrugged off poor corporate results that weighed on it during the day on Thursday
to end up 0.16 per cent at 68-10.27 points. Frankfurt’s DAX continued its slide for the
third consecutive day, losing 0.76 per cent at 95-88.33 points. The CAC in Paris recovered
losses through the day to end up treading water down at 43-96.39 points. Asian stock
markets mostly rose in cautious trading. In the foreign exchange market the euro picked
up from a two-week low hit during the day against the greenback after comments by Federal
Reserve chief Janet Yellen to the US Senate. The euro was trading at 1.37-08 to the US
dollar. The euro stabilized against the yen at 140.06.
The US dollar gave up a little, trading at 102.16 yen.
Britain’s pound dropped a little against the euro, at 82.20 pence, but gained on the US
dollar, to 1.66-80. Moving to the commodities market gold headed
for the first back-to-back monthly gain since August as concern that the U.S. recovery may
be losing momentum and turmoil in emerging markets boosted haven demand. Assets in bullion-backed
exchange-traded products were set for the first monthly increase in 14 months. Gold
for immediate delivery was at $13-32.61 after touching the 13-40 level.
Crude oil fell to 101.87 falling as much as 0.5 percent in New York. Brent declined to
the lowest in two weeks yesterday as gunmen occupied government buildings in Ukraine and
Russia put fighter planes on alert. WTI’s discount to the European benchmark crude narrowed
this month to the smallest since October as winter storms bolstered U.S. heating-fuel
use and stockpiles This is Amy Anderson from OptionRally signing
off. Follow me on Facebook and watch for our new financial terms of the day and our weekly
events news. And of course I’m waiting for your LIKE below if you enjoyed today’s Market
Watch. Have a great weekend

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