Wednesday, November 30, 2011

Daily Dow Jones Shows Technicals Are On The Mend

Wall Street recap: Dow Jones surrenders earlier 101 points gains to only 33 points
The Dow Jones gained for a 2nd consecutive session amid robust November consumer confidence and optimism of further progress on a solution to Europe's fiscal mess. In Brussels, Europe’s finance ministers held an initial discussion on channeling ECB loans to cash-strapped euro nations through the IMF, aiming to insulate Spain and Italy from the debt crisis.

However, Dow Jones’ gains were reduced to 32 points from as much as 101 points intraday on profit taking following the 2.6% surge on 28 November. Sentiment was also dampened by Fitch’s downgrade its outlook on U.S. credit rating to negative, possible downgrades of France’s AAA rating outlook (by S&P) the subordinated debt of Europe 87 banks (by Moody) across 15 countries.

Daily DJIA Shows Technicals Are On The Mend


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