Shanghai set the tone overnight and stocks moved higher in the U.S. today as the great melt up continued.
First, the scoreboard:
- DOW up 0.09%
- NASDAQ up 0.15%
- S&P 500 up 0.10%
Now, the headlines:
- The Shanghai Composite moved higher overnight, but the Hang Seng really surged, up 1.54%. That was quite the turnaround after a couple of days of bloodletting post China’s Christmas day rate hike.
- Europe followed on, with both the DAX and the CAC higher. The FTSE, catching up after a lengthy holiday break, fell.
- The U.S. opened higher this morning, and stayed positive throughout the day. Stocks fell later in the day, but were higher overall.
- Cocoa was a little crazy in trading today, due to renewed confidence on the Ivory Coast’s exports, after its election instability.
- Molycorp continues to bounce around a bit, and ended higher today, up over 7%. This after yesterday’s selloff in response to uncertainty over its mining activities and China’s plans for rare earth metal export cuts.
- What could have been the earth shattering event of the day, the 7-year U.S. treasury auction, ended up a positive snooze, nothing like yesterday’s “stinker” auction (as Bill Gross labelled it).
- Gold surged, up to $1411.
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