Equities
The week opened on a strong note in Asia, as investors applauded Friday’s upbeat jobs report from the US. The Nikkei jumped 2% to 8726, the Kospi rallied 2% to 1886, and the ASX 200 gained 1.2% to 4273. Rio Tinto shares jumped 4.1%, thanks to gains in base metals. The Hang Seng climbed 1.7% to 19999, and the Shanghai Composite rose 1% to 2155.
European markets gained as well, extending Friday’s rally. The CAC40 and DAX both advanced .8%, while the FTSE rose .4% to 5809. Spain’s IBEX soared 4.4% amid hopes that the ECB will begin buying bonds to relieve the onerous borrowing costs facing Spain and Italy.
US stocks tacked on gains as well, led by tech shares. The Dow ticked up 21 points to 13118, the Nasdaq climbed .7% to 2990, and the S&P 500 edged up .2% to 1394.
Best Buy shares surged 13.3% to 19.99 after the company’s founder and largest shareholder, Richard Schulze, offered to buy the company for $24 to $26 a share.
Tyson Foods tumbled 8% after earnings fell short of forecasts.
Treasuries and Commodities
10-year notes closed flat, yielding 1.56%, while 30-year notes eased 6/32 to yield 2.65%.
Crude oil rose another .8%, settling at 92.10, and natural gas bounced 1.8% to 2.93. Gasoline futures slipped .2% to 2.9255.
Copper closed up .5% to 3.3825, gold rose .3% to 1610.10, and silver inched up .1% to 27.82.
Currencies
The US Dollar traded mixed on Monday following Friday’s steep slide. The Pound slid .2% to 1.5604, while the Euro edged up .1% to 1.2402. The Yen advanced .4% to 78.23, and the Swiss Franc gained .2% to .9688.
Economic Outlook
Tuesday’s sole report will be consumer credit, which is expected to rise by $11.5 billion.
Earnings are scheduled for Amylin Pharmaceuticals, Cablevision, CVS, Express Scripts, MGM Resorts, Office Depot, Rackspace, and Sirius XM Radio.
