Markets Finish Higher After Better Than Expected US Retail Sales| April 17, 2012
Markets Finish Slightly Higher After Better Than Expected US Retail Sales| April 17, 2012.
Overnight equity markets finished slightly higher after the US posted better than expected retail sales although markets have finished well off the highs as sentiment turned sour late in the session as investors focus on the soaring yields of Spanish bonds.
The Dow Index rose 71 points to close at 12,921.41 while the S&P 500 slipped 0.69 points to finish at 1,369.57. Earlier in the session the German benchmark Index closed up 0.63 percent at 6625.
On the economic front the US reported better than expected US retail sales with many analysts suggesting that the data could prompt for increased first quarter growth forecasts from its current level of 2.5 percent. Shortly after a dismal reading on homebuilder sentiment caused investors to rethink the early rally to lose some steam
The euro rebounded from a two-month low against the dollar overnight trading up from lows of 1.2995 to recent highs of 1.3142 as sentiment picked up early in the US equity session.
The NZD has shown signs of weakness against the majority of its trading counterparts after the NZ Prime Minister John Key commented that the NZD was overvalued as it has been for a number of years. The NZDUSD (see above chart) traded down from yesterday highs of 0.8250 to recent lows 0.8172.
SPI 200 future 4312
S&P500 Index 1369
Dow Jones 12921
FTSE 100 Index 5666
Oil (Nymex) 103.17