Tuesday, April 7, 2009
Market Reflections 4/6/2009
Stocks fell on long liquidation ahead of the earnings season which begins at mid-month. The S&P 500 ended 0.8 percent lower at 835.43. Losses were heavy in gold which fell more than $20 to end just above $870. The prospect of IMF gold sales tied to last week's G-20 stimulus agreements sank prices as did rising talk that global stimulus, led by the Obama administration, may successfully pull the global economy out of recession. The dollar firmed nearly 1 cent to end at $1.3400 against the euro. Treasuries were little changed with the 2-year yield ending at 94 basis points. Oil fell nearly $1 to just over $51 for May WTI.