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Current Futures: Dow +63.00, S&P +6.90, NASDAQ +10.00
U.S markets are posting modest gains, extending the uptrend seen over the last few days of trading, after it was announced that CIT Group avoided bankruptcy.
U.S. futures had a very strong overnight session, advancing as much as 1% even from the first few hours of trading. However, since then, the futures markets seem to have topped, unable to break above the high set during the European session. In particular, the S&P futures topped a few points below the 945.00 area, which it acted as an important swing point throughout the first two weeks of June.
On Monday, with a few exceptions, every major sector represented in the S&P 500 advanced with small gains. From one week ago, every sector has been trading in the green, with the basic materials, technology and financial sectors posting the strongest gains, TheLFB-Forex.com Trade Team said. The advance of the raw material sector, which is up 10% on average from one week ago, was helped as crude oil and gold managed to reverse the downtrend seen over the last few weeks. The uptrend seen in the technology and in the financial sectors was triggered by the better than expected reports coming from the leading companies of these two industries.
The Dow Jones Index gained 66.28 points (0.76%) to 8,810.22, while the S&P 500 index gained 7.42 points (0.79%) to 947.80
Treasuries rose from a one-month low, even though the equity market is moving higher, as investors prepare for Mr. Bernanke testimony on Tuesday. The yield on the 10-year note lost 5.6 basis points to 3.591%.
Crude oil for August delivery was recently trading at $65.30 per barrel, up by $0.90.
Gold for August delivery was recently trading higher by $11.20 to $949.20.
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