Wednesday, September 30, 2009

Market Reflections 9/30/2009

The book on second-quarter GDP is now closed showing a mild 0.7 percent decline, improvement that may turn to growth in the third quarter. Other data in the session include a weaker-than-expected showing in ADP data that points to mild disappointment for Friday's jobs report, while the Chicago purchaser report points to out and out disappointment for upcoming manufacturing data.

Safety was the trade for Wednesday with the S&P down 0.3% at 1,057. Oil rallied strongly despite a build in weekly inventories, one however offset by a draw in gasoline stocks. Perhaps more importantly, the data show a fourth month of year-on-year demand growth with September proving the strongest yet at 6 percent in what is hinting at consumer strength. Oil rose more than $3 to $70.25. Gold rose more than $10 to back over $1,000 at 1,008.

No comments:

Post a Comment