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Stocks Rally after Buffett defends Goldman

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, May 4, 2010.

  1. futuretrends24

    futuretrends24 New Member

    Apr 30, 2009
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    Today’s sample of Futures Analysis from FuturesHound.com

    U.S. equity markets received a boost this morning after Warren Buffett defended Goldman Sachs on CNBC. Traders bought Goldman Sachs shares, helping to drive up demand for financial sector stocks.

    The rally increased later in the morning after the release of better than expected ISM Manufacturing and a Construction Spending reports. The manufacturing report indicated that the economy was expanding. The increase in construction spending was a surprise. Most analysts had been estimating a decline. This may be sign of improvements in the housing sector.

    The strong rally in the June E-mini S&P 500 did not change the trend to up, but it did erase most of Friday’s loss. The close put the market at slightly better than 50% of the range from 1216.75 to 1176.75.

    Read full article at full article at FuturesHound.com as well as Futures Analysis, Futures Education and exclusive timely market Gann Analysis

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