Asian Markets are set to open the trading day higher as European and US stocks rallied on the back of signs that the Euro-zone may see some stabilisation and better than expected consumer sentiment data out of the US.
The positive nights on Thursday and Friday saw the Dow end the week in the black, closing up 1.4%, marking the sixth week out of last seven higher (See chart above). It also capped a volatile week in trading as investor uncertainty over Europe weighed on Markets.
The Dow rose 259.89 or 2.19% points to close the session at 12153.68. All 30 of the Dow's components closed the day high with all 10 of the S&P500 sectors also up.
The EURUSD rose as investors have finally seen some positive signs out of Europe, however the directions of the Euro will depend on how credible investors see Italy's new leadership and economic reforms. The Euro was last trading at 1.3785.
WTI Oil ended the week higher and has now ended its longest streak of weekly gains since April 2009 on the back of speculation on US economic growth and European efforts to contain the debt crisis. Nymex Dec futures last traded at $98.20/Barrel.
Gold futures rebounded from recent selling pressure to close the day up 1.6% or $28.50 at 1788.10/ounce a troy ounce ending the week higher by 1.8%. Despite the stabilization in Europe, the fall in the US dollar put pressure on gold prices.
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