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Market Opinion
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Dollar index climbs to new highs.
Sat, Feb 28 2009, 00:49 GMT
by James Whyte
Markets for February 27, 2009 by James Whyte
In the news:
February 27- The U.S. Markets begun the day on a negative note as the GDP report indicated the U.S. economy is shrinking at the fastest pace in 26 years. Prelim GDP q/q came in at -6.2% versus a -5.4% forecast. Although the terrible GDP news kept the markets in the red for most the day, it was not a massive sell off. Stocks did bounce in midday after falling to fresh bear market lows. In the last day of trading for the month, the Dow is on track for its worst February since 1933. Oil prices held up in light of all the negative news and settled around $44 per barrel. The U.S. energy demand fell last year to the lowest levels in 10 years. OPEC is still signaling it will continue cutting production to maintain oil prices from collapsing. Although a bad month for equity the markets, oil was able to capture 15% gain this week alone and 5% for the month of February. The most surprising instrument today was the dollar index, as the dollar continues to firm up to some of the highest levels since November, 2008 and intraday to levels not seen since April 2006.
Published on Sat, Feb 28 2009, 00:50 GMT
Archive
- Euro falls following Trichet's comments.
Published On Fri, Mar 6 2009, 04:59 GMT - U.S. Dollar advances vs. Yen.
Published On Thu, Mar 5 2009, 04:54 GMT - Dow dips to 12-year lows.
Published On Tue, Mar 3 2009, 06:29 GMT - Dollar index climbs to new highs.
Published On Sat, Feb 28 2009, 00:49 GMT - Dollar near 3-month highs.
Published On Mon, Feb 23 2009, 22:50 GMT
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