Stocks
It was a positive day for global stock indexes as optimism during the US session dragged the rest of the world higher. European Indexes were paced by a 0.72% rise in the FTSE 100 to 5351, and a 0.8% move higher in the CAC 40 to 3636. US equities were led by the Nasdaq and S&P 500 which both rallied more than 1.1% to 2296 and 1115 respectively.
The optimism was fueled by a better than expected US News Homes Sales report which showed a gain of 330,000 sales versus last month’s poor reading of 267,000. The report countered previous poor numbers from the sector. Additionally, better than expected figures from Fed Ex led traders to believe that the US economy’s recovery may not be stalling after all.
Commodities
Overall, commodities were largely unchanged today, as the CRB Commodity Index was slightly higher. On an individual level Gold prices continue to experience selling pressure as they were 0.5% lower to 1183. The move compared to Silver prices which were up 10 cents on the day. The biggest surprise of the day was in Crude Oil where prices for the September contract stayed mostly around the $79 level and failed to make a move towards 80 on the optimistic transportation related news from Fed Ex. Looking ahead, volatility may rise tomorrow as US Consumer Confidence figures will be released after the open of US markets.
