“Stocks Rise, Gold Drops,” was the name of the game during Thursday’s trading session. Investors have been fleeing from U.S. Markets into the save-haven of precious metals, namely, gold.
It’s a welcome sight to 401k holders, pensions, and persons with portfolio’s which have undoubtedly felt the heat from the nose-dive over the past couple weeks. There is light at the end of the tunnel according to some technical analysts of markets. Today, the Dow Jones Industrial Average rose above consolidation. Likewise, the S&P 500 Index and the NASDAQ-100 did the same as well.
Bearish momentum stalled yesterday as we previously reported. Whether or not the market, overall, would break above or below Tuesday’s range was an entire other question. Today, as aforementioned, investors and traders alike saw a rebound and the first time that gold has traded to the downside since Thursday of last week (even then, gold made a new 52-week high).
The market trended to the downside yesterday as investors caught word that the S&P could be looking to downgrade France’s debt, something which S&P representatives were quick to dismiss. Nonetheless, the market proceeded to drop partly due to the general idea of Europe taking a hit which has been struggling with euro-denominated issues (courtesy of Iceland, Green) themselves for well over a year now to begin with.
Notable companies which propelled U.S. indexes today were led by Exxon, GE, Apple and Caterpillar. Financial sectors across the board ended in positive territory. Notable is the financial sector, however, as much grief-struck Bank of America (being sued by AIG as of a couple days ago) remains in massive consolidation for three consecutive days of trading. Still, even finance firms ended in positive territory as JPMorgan and Wells Fargo trended higher for higher gains.
Investors would like to see more of the same (exception to gold futures traders) for the final day of trading this week, tomorrow, on Friday.
