Why the U.S. Dollar is Going Up
May 28, 2009 | Posted by bryan in Investment & Finance | 0 Comments
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US stocks staged a midweek surge off the back of strong commodities, reports BusinessWeek.
The publication notes that trading was unsettled over the course of Wednesday, but ultimately stocks as a whole closed higher than their morning prices.
On the New York Stock Exchange, this resulted in a ratio of 11 stocks falling for every 20 which rose.
Gold, meanwhile, “soared” on the futures market following a technical breakout.
However, some trepidation was seen among investors as the US government continued to debate a potential bailout of automobile manufacturers.
The proposed $15 billion funding would be split between General Motors, Ford and Chrysler, BusinessWeek notes.
But at the close of trading a decision was still to be reached over whether the funds would be given to the firms.
On Thursday, meanwhile, the publication reported that stocks continued their ascent.
Gold futures surged ahead, while oil also grew in value over the course of the day.
Mining stocks were also up, while rising energy stocks had a resultant buoyant effect on equity indices.
The balance on the New York Stock Exchange was not quite as favourable on Thursday, however.
For every 15 stocks which rose, 14 dropped in price, according to BusinessWeek.