Friday, February 18, 2011

Daily Dow Jones Is Consolidating Sideways, 18-02-2011

On Wall Street, the Dow Jones climbed 29.97 points, or 0.2%, to 12,318.14 on positive economic data especially a white-hot reading from mid-Atlantic manufacturers outweighed higher-than-expected jobless claims and an increase in U.S. consumer prices, as well as higher crude oil prices. The S&P 500 rose 4.11 points, or 0.3%, to 1340.43.

The eurozone continued to attract foreign capital in December, despite its chronic problems with sovereign and bank debt, according to ECB data released. Net portfolio inflows rose to EUR37.5 billion (US$50.89bn) in December from EUR13.1 billion in November. That included inflows into debt instruments of EUR28.7 billion, their highest since May, and an increase from EUR26.2 billion in November.

Foreign direct investment in China climbed 23.4% year on year (YoY) to US$10 billioin in Jan 2011 (15.6% in Dec 2010), adding to record inflows last year that are complicating Premier Wen Jiabao’s efforts to tame inflation in the world’s fastest-growing major economy. Economists had projected for an increase of 17.2%.

The Dow Jones dropped as much as 35 points intraday following higher-than-expected weekly jobless claims and Jan CPI reports.

Nevertheless, the Dow ended +30 points following strong Feb Philley Fed index and 1.8% jump in crude oil prices as rising geopolitical risks in Middle East pushed energy-related stocks higher.

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