Written by Gary
Opening Market Commentary For 07-30-2014
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U.S. stocks opened higher on Wednesday after the first read on second-quarter economic growth came in much stronger than expected, overshadowing a weak report on the labor market.
The Dow Jones industrial average rose 56.48 points or 0.33 percent, to 16,968.59, the S&P 500 gained 7.75 points or 0.39 percent, to 1,977.7 and the Nasdaq Composite added 27.91 points or 0.63 percent, to 4,470.61.
The euro hit an eight-month trough against the dollar on Wednesday and German bond yields were at record lows ahead of inflation data expected to boost the case for further European Central Bank policy easing.
Investors were also awaiting a statement from the Federal Reserve following its policy meeting that some expect to signal a more hawkish policy outlook, and data likely to show the U.S. economy bouncing back strongly in the second quarter. European shares dipped after French oil major Total was hit by concerns over its investments in Russia following Tuesday’s tightening of European sanctions on Moscow after the downing of an airliner in neighboring Ukraine. The euro fell to $1.3395, its lowest since November 2013, before recovering to $1.3400, down around 0.1 percent on the day after data showing Spanish consumer prices fell 0.3 percent in July from a year before. The surprisingly big fall came even though figures released at the same time showed Spanish economic growth hit its fastest since before the financial crisis in the second quarter.
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Written by Gary