Ajawed

February 28, 2013 Given better than expected housing data and easing concerns over Italian stalemate, U.S. stocks posted notable gains, sending the Dow 175 points higher, while the S&P 500 and the NASDAQ rallied 1.27 percent and 1.03 percent, respectively. Actually, equities advanced as contracts of pending home sales climbed more than forecast in January, signaling robust environment for housing industry in 2013. Meanwhile, core durable goods orders rose, whereas aircraft orders tumbled. As is known, new home sales and consumer confidence showed that U.S. economy is gaining ground despite weaker jobs horizon. However, Bernanke assured markets that the Fed will maintain its dovish monetary policy by purchasing mortgage-backed assets as much as $85 billion monthly. The Fed Chairman defended low rates in House hearing. On the corporate front, Coach Inc. rallied 2.8 percent to $47.82. LinkedIn Corp. jumped 6.8 percent to $168.55. Priceline added 2.6 percent to $695.91. Apple fell 1 percent to $444.57. European stocks rebounded from the lowest level in more than two weeks as Italian political tension eased, consumer confidence climbed in the euro zone and corporate earnings spurred investors to buy stocks across the board. The Stoxx Europe 600 Index increased 0.9 percent to 287.17 at the close of trading after earlier declining as much as 0.3 percent. The common currency edged higher for the first time in three days against the dollar as fears eased that Italy's election deadlock would deepen Europe's debt crisis and Fed Chairman Bernanke said the bank’s stimulus policies are working. In the meantime, rising consumer confidence in Europe and encouraging housing numbers in the U.S. fueled risk appetite. The euro gained 0.6 percent to $1.3136. Crude oil for April delivery tacked on 13 cents, or 0.1%, to settle at $92.76 a barrel on the New York Mercantile Exchange despite weakening dollar as crude inventories slightly rose and durable goods orders data deteriorated demand outlook. Gold for delivery in April slumped $19.80, or 1.2%, to settle at $1,595.70 an ounce on the Comex division of the New York Mercantile Exchange as equities rallied and upbeat economic data petered out gold's luster. http://www.ikonfinance.com/

February 27, 2013 Gold (spot) closed up on Tuesday, made its intraday high of US$1,620/ounce after setting intraday low of US$1,1584.40/ounce. Gold went up by 1.289% at US$1,613.75/ounce. Silver (spot) closed up on Tuesday made its intraday high of US$29.46/ ounce before setting intraday low of US$28.59/ounce. Silver settled 1.362% up at US$29.38/ounce. Crude futures (March 2013) on Tuesday made an intra‐day high of US$93.46/bbl and made an intraday low of US$92.01/bbl and settled up by 0.69% at US$92.71/bbl on session close. EUR/USD on Tuesday made an intra‐day low of US$ 1.3018/EUR and made an intraday high of US$1.3122/EUR and settled the day 0.01% up at US$1.3060/EUR on session close. GBP/USD on Tuesday made an intra‐day low of US$1.5112/GBP and made an intraday high of US$1.5219/GBP and settled the day down by 0.250% at US$1.5122/GBP on session close. USD/JPY on Tuesday an intra‐day low of JPY91.12/USD and made an intraday high of JPY 92.74/USD and settled the day 0.206% up at JPY91.98/USD on session close. http://www.ikonfinance.com/

February 26, 2013 U.S. stocks erased Friday's gains and posted substantial losses on partial results of election in Italy, sending the Dow 216 points lower, while the S&P 500 and the NASDAQ sank 1.83 percent and 1.44 percent, respectively. As is known, equities had advanced Friday on upbeat environment in the economy. Yet, partial election results in Italy suggested Berlusconi may have built a blocking minority in the Senate, threatening austerity measures. Investors sold equities amid speculation that Italy might drift deepening political crisis in the face of unstable horizon. Meanwhile, if Congress doesn’t act, federal spending will be reduced by $85 billion in the final seven months of this fiscal year and by $1.2 trillion over the next nine years as Obama is seeking compromise with Republicans to resolve the lingering problem. On the corporate front, Dynavax Technologies Corp. plunged 32 percent to $2.01. Apple tumbled 1.78 percent. IBM lost 1.77 percent, while Coca Cola edged down 2.55 percent. Hertz gained 31 cents to $19.04. Barnes & Noble Inc. added 11 percent to $15.06. European stocks ended little changed as investors scrutinized post-election polls for signs of who will be governing party in Italy. The Stoxx Europe 600 Index fell less than 0.1 percent to 288.40 at the close of trading. The common currency sank to the lowest level in six weeks versus the dollar after partial election results from Italy showed a divided parliament, signaling unstable political and economic environment as Berlusconi acted against austerity measures before the election. The euro declined 1 percent to $1.3061 after increasing as much as 1 percent earlier on the day. Crude ended Monday with a modest decline, pressured by a turn higher in the greenback and as a slowdown in Chinese manufacturing fueled concerns over energy demand. Oil for April delivery slid 2 cents to settle at $93.11 a barrel on the New York Mercantile Exchange. Gold for delivery in April settled at $1,586.60 an ounce on the Comex division of the New York Mercantile Exchange, up $13.80, or 0.9%. Despite stronger dollar, the precious metal surged as analysts say a recent report hinted at a potential bottom for the metal’s prices and political uncertainty after Italian election and rating downgrade on the United Kingdom spurred investors to buy gold as safe haven. http://www.ikonfinance.com/