Market Commentary: Markets Open Up Due to Belief Economy Is Improving

September 4th, 2014
in Gary's blogging, market open, syndication

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Opening Market Commentary For 04 September 2014

Gary is off , and the market open comes from our syndication partner

U.S. stocks opened slightly higher on Thursday, after the European Central Bank cut interest rates to record lows and a flurry of economic data indicated the U.S. economy was steadily improving.

Follow up:

The Dow Jones industrial average (DJI) rose 16.06 points or 0.09 percent, to 17,094.34, the S&P 500 (SPX) gained 2.31 points or 0.12 percent, to 2,003.03 and the Nasdaq Composite (IXIC) added 9.15 points or 0.2 percent, to 4,581.71.

During European morning trade, the DJ Euro Stoxx 50 shed 0.25%, France’s CAC 40 dipped 0.4%, while Germany’s DAX retreated 0.45%. Focus turns to the European Central Bank's policy meeting later in the day, amid speculation the central bank could unveil fresh stimulus measures to fight inflation and boost growth. Market players are hoping the meeting will shed further light on the bank's plans to start asset purchases, a move that would work in favor of the dollar's strength. Expectations that the Federal Reserve is growing closer to raising interest rates boosted the dollar to a one-year peak against the euro earlier in the week. Elsewhere, London’s FTSE 100 inched up 0.1% ahead of the Bank of England's policy decision for further hints on the timing of future interest rate hikes. Two monetary policy board members voted for a rate hike in August, marking the first time since 2011 that any member voted in favor of raising rates.

Asian stock markets were mostly lower on Thursday, with central bank policy decisions in Japan and Europe in focus. Asia stocks mostly lower; Nikkei falls 0.3% after BoJAsia stocks mostly lower with central bank decisions in focus During late Asian trade, Hong Kong's Hang Seng dipped 0.15%, China’s Shanghai Composite inched up 0.59%, Australia’s S&P/ASX 200 closed 0.44% lower, while Japan’s Nikkei 225 ended down 0.33%. Asia was given a negative lead from the U.S., where the Nasdaq 100 dropped by the most in almost a month, as losses in Apple (NASDAQ:AAPL) dragged the index lower. In Tokyo, the Nikkei ended lower one day after hitting a seven-month peak after the Bank of Japan left its monetary policy on hold at the conclusion of a two-day review and kept its economic assessment unchanged. The yen weakened against the dollar, trading at ¥104.98 from ¥104.78 in the previous session.

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