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Friday, October 23, 2009

Morning Market Report

The major indices broke a mini losing streak with a monster day yesterday. The Dow wound up back above 10,000 when it gained 131.95 and closed at 10081.31. Both the NASDAQ and the S&P 500 also had similar gains. Meanwhile, earnings continue to roll in. Microsoft just announced earnings and they crushed estimates. Microsoft's earnings came in at 40 cents a share with estimates expected at 32 cents a share. Meanhwhile, Amazon and American Express had their earnings after market yesterday and they also beat estimates. Exelon, Fortune Brands, and T Rome Price will announce their earnings later this morning.

The Treasury bonds continue to show weakness. The ten year gained about four basis points yesterday and closed at just under 3.43%. It's currently trading at about 3.48% this morning. It reached a low of 3.33% earlier in the week and so it's gained about 15 basis so far since then. The yield spread between the two and ten year bond has extended just slightly and is now at 2.48%. Bonds in both Germany and London were all weaker across the board as well today. Oil is still trading above $81 a barrel. It's currently at $81.45 and up a quarter this morning, however it still continues to test highs over the last fifty two weeks.

It was almost entirely an up day both in Europe and in the Far East. In the Far East, the Hang Seng in China was up 1.71%, the NIKKEI in Japan was up .15%, and the Straits Time Index in Singapore was up 1.24%. In Europe, the FTSE in London was up 1.59%, the DAX in Germany was up 1.06%, and the Spanish Index was .85%.

In currencies, the Dollar is up just slightly against the Euro by .02%. It's having a huge rally against the British Pound, up 1.37%, and it's up .64% against the Japanese Yen. Finally, the Bank of England announced that it will be looking to re purchase more of its British bonds following a weak GDP number for the third quarter in Britain. The weak GDP number also explains the weakness in the British Pound this morning.

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