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Spread Betting: Close of play on the London markets PDF Print E-mail
Written by Roberta Murray   
Wednesday, 24 August 2011 16:48

The FTSE 100 closed 1.49% higher at 5,205.85.


Those that took long spread betting positions on the FTSE 100 would have been rewarded for sticking out the choppy trade that characterised the morning session.

Equities staged a rally in the afternoon following news of a better-than-expected rise in US durable goods orders.

Investors had an extra motive to jump on the bandwagon as the Jackson Hole Economic Symposium kicks off tomorrow. Market players will be scrutinising comments from the Fed officials to decipher any clues on QE3.

But there is nothing on the subject as of yet, so this rally could soon turn on its head. Investors will not want to be overexposed in one direction in case Bernanke disappoints their expectations.

Looking at the US markets, Spread Betting notes that US stock markets rallied yesterday with the Dow soaring more than 300 points. Investors shrugged off gloomy economic news in anticipation that the Federal Reserve would introduce additional stimulus measures at the Jackson Hole Symposium.

The bulls hope that any additional quantitative easing would have a similar effect on the markets as the previous two programmes.

For this reason they have been buying into intraday dips. However not everyone is expecting the central bank to embark on another unpopular programme after the previous attempts failed to achieve their core objectives. There is still a lot of uncertainty out there and that’s why we have seen some wild swings in the markets over the last couple of sessions. Yesterday, stocks rose in premarket trading, then fell back only to rally again late in the day to end near their highs. The Dow closed up 3.0%; S&P up 3.4% and Nasdaq 4.3% higher.

Bank of America (BAC) was the only Dow component to finish in the red, down almost 2% amid concerns about losses on its mortgage book.

In the day’s economic news, sales of new homes in July fell to a five-month low while the Richmond Manufacturing Index slumped due to slower growth in new orders and shipments.

Please come back again tomorrow for more market news from the team here at Spread Betting.
 

Spread Betting Lessons - Cut out the emotion!



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