Stocks Finish Higher boosted by Health Care Reform
equity markets turned around after a weaker opening buoyed by healthcare stocks.Stocks were under pressure overnight from concerns
over Greece and an interest
rate hike by India.
Shortly after the opening, the markets stabilized as long-term investors saw a
buying opportunity following a two day set-back.
The interest rate hike by India pressured stocks early. This
action fueled speculation that a rate hike by China would be next, pressuring
demand for higher risk assets. Fear over Greek financial issues flaring up
again also pressured the Euro, making lower yielding currencies more
The 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 finished slightly higher in very light
trading. Traders are 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.
April Gold closed lower but well off its low due to weaker
demand for higher risk assets and the stronger Dollar earlier in the session. Heavy
selling pressure turned the main trend to down after hitting sell stops under
$1097.30. Todayâ€™s action indicates that this market is sensitive to risk
June Crude Oil turned the main trend down after taking
out a swing bottom at 79.77, but managed to close higher for the session. The
stronger Dollar, weaker gold and a general aversion 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 which
continued into the close. This helped crude oil erase all of its earlier
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