Thursday, July 14, 2011

Dow Jones Up 45 Points, Off Intraday High Of 164 Points

Wall Street recap:Dow Jones up 45 points, off intraday high of 164 points
Fueled by a strong China's 2Q11 GDP of 9.5% and Bernanke’s comment of more stimulus if economy deteriorates further and inflation subsides, the Dow rallied as much as 164 points intraday. However, much of the gains evaporated following Moody’s statement that it has placed its triple-A bond rating on review for possible downgrade because it sees a rising risk of default as well as a top Fed official comment that he is against providing stimulus even if the economy worsens.

Meanwhile, investors are also adopting a “wait-and-see” attitude amid the 2Q11 corporate results and ongoing economic data release. Major results and economic announcements for the rest of this week include: Google/JP Morgan (14 Jul); June retail sales/industrial production/weekly jobless claims (14 Jul); Citigroup (15 Jul); July consumer sentiment index (15 Jul).

Daily Dow Jones Is building Its Base Near The Mid Bollinger Band


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