Markets Rally On The First Day Of 2009

Markets Rally On The First Day Of 2009

05 January 2009 @ 03:56 am EDT

U.S. Dollar Trading (USD) started the year higher in a surprising move given the large rally in stocks and Oil. Economic data showed another contraction in US manufacturing with the December ISM slumping to 32.4 vs. 36.2 previously. In U.S. share markets, the NASDAQ was up 55 points (3.50%) and the Dow Jones was up 258 points (2.94%). Crude Oil closed up $1.74 ending the New York session at $46.34 per barrel. Looking ahead, November Construction Spending is forecast at -1.3% vs. -1.2% previously.

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