US Equity markets advanced modestly as concerns over the European debt crisis overshadowed international central banks efforts to stabilize the European monetary system.
Forex traders sold the Euro which fell sharply to end the week down 80 basis points on the day as the S&P 500 picked up over 5 points to close at 1,214.86. The Dow Jones Industrial Average (DJIA) gained 3 quarters of a percent to close at 11,516.80. Gold stopped its slide today ending up on the day almost 1.5 % to 1808.00.
The US 10 year bond yield was at 2. 065% down 17 basis points West Texas Intermediate Crude dropped 1.5 % to $88.05 per barrel on the back of a stronger US dollars.
ECB President Jean-Claude Trichet warned Euro Zone government ministers to take aggressive steps to end the debt crisis after the ECB and global central bankers bought them more time by extending an emergency loan life-line.
Euro zone ministers meeting in Poland today with US treasury secretary Timothy Geithner have said that there are significant limitations to either tax increases or spending cuts.