Wednesday, April 27, 2011

Global Market Weekly Review, 27-04-2011

U.S. stocks rose as stronger-than-estimated earnings bolstered optimism about the economy. The S&P 500 gained 0.5% to 1,337.38, whilst, the Dow Jones Industrial Average rose 52.45 points (1.33%) to 12,506.00 for the week.

Standard & Poor's downgraded its credit outlook for the United States, citing a risk that policymakers may not reach agreement on a plan to slash the huge federal budget deficit. While the credit rating agency maintained the country's top AAA credit rating, it said authorities have not made clear how they will tackle long-term fiscal pressures.

U.S. homebuilders’ confidence fell in Apr, led by a decline in the outlook for sales, a sign the residential construction market may languish near record-low levels. The National Association of Home Builders / Wells Fargo sentiment index declined to 16 in Apr (17 in March), data from the group showed.

Sales of U.S. previously owned homes rose in March as a mounting supply of properties in or near foreclosure lured investors. Purchases increased 3.7% to a 5.1 million annual rate, exceeding the 5 million median forecast of economists surveyed by Bloomberg News.

Source: ING Funds Berhad

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