Monday March 22, 2010 - 19:00:38 GMT
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Stocks Rally as Investors buy Lower Opening
Investors bought the
lower opening in U.S. equity markets as healthcare stocks led all
markets higher. Despite opening lower because of pressure from Greece
and an interest rate hike in India, long-term investors saw a buying
opportunity following a two day set-back.
U.S. stock markets
opened lower this morning after overnight pressure. Stocks opened
weaker in reaction to an interest rate hike in India. This fueled
speculation that a rate hike by China would be next. Fear over Greek
financial issues flaring up again also pressured the Euro.
passing of the healthcare reform bill initially put pressure on the
equity markets. Many traders felt the new law would increase the
government deficit. This may be so over the long-run, but traders were
more interested in the short-term benefits when they bought healthcare
stocks following a lower opening.
June Treasury Bonds are
trading higher at the mid-session in very light trading. Traders will
be paying close attention to this weekâ€™s auction. Some fear that the
recovering economy will drive up yields at this weekâ€™s auction. Others
feel that buying interest from China will be relatively light because
of the on-going war of words over the valuation of the Yuan.
Gold was under pressure due to weaker demand for higher risk assets and
the stronger Dollar earlier in the session, but has since pared its
losses. Heavy selling pressure turned the main trend to down after
hitting sell stops under $1097.30.
June Crude Oil turned the
main trend down after taking out a swing bottom at 79.77. The stronger
Dollar, weaker gold and a general dislike for higher yielding assets
pressured the market early in the session. The subsequent break in the
Dollar, and rally in the U.S. stock markets helped trigger a
short-covering rally into the mid-session. This helped crude oil erase
all of its earlier losses.
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