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Equity Index Market Report
Thu 09 Feb 2012 07:24:00 CT
Related Keywords: Equity Index
Related Keywords: Equity Index
Morning DOW Index Market Report
The March E-mini Dow reached a new high for the move during the early morning hours but has since retreated to being slightly lower for the day. There was another new contract high overnight, as the market extends the 2012 rally to nearly 6%. Some of the early gains in the Dow were fueled by better-than-expected profit and sales figures after yesterday's close from Cisco. The shares were up as much as 2% in after-hours trade, which could be a supportive factor early this morning.
Global stock indices traded mostly higher during the overnight and early morning hours, finding support from a rise in Chinese inflation and continued optimism that Greek leaders can come to an agreement on austerity reforms. While higher inflation readings in China could be a factor that pares back that nation's monetary easing, the market appeared to discount the January reading due to the Lunar New Year holiday. While Greek officials appear to be nearing an agreement on new austerity measures, there is a sticking point regarding pension cuts. Global markets also face interest rate policy decisions from the European Central Bank and Bank of England this morning. Expectations are for the Bank of England to extend the scope of their bond-buying program, while the European Central Bank is expected to hint at further interest rate cuts. The German DAX traded higher, boosted by better-than-expected profits and positive outlook from Daimler.
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