As the dollar rose sharply, U.S. stocks closed higher on Wednesday. Extension of the Bush tax cuts may be expected, driven by rising financial sector generally.
At 16:00 on December 8 EDT, the Dow Jones industrial average rose 13.32 points to close at 11,372.48 points, or 0.12%; the Nasdaq composite index rose 10.67 points to close at 2,609.16 points, or 0.41%; the S & P 500 index rose 4.53 points to close at 1,228.28 points, or 0.37%.
Sharp rise in the dollar caused prices of commodity futures, some raw materials, energy and industrial stocks therefore decline.
Rising dollar led to a general fall in commodity futures prices, dragged down raw materials, energy and industrial sector decline. Consumer pressure plate, which McDonald's (MCD) fell, this fast-food giant announced that November same-store sales increase of 4.8%, but below market expectations.
General rise in the financial sector, leading gains a small regional bank. Large financial stocks were also mostly higher.
Bush's tax cuts for the bond market made a strong reaction may be delayed, 10-year Treasury yield fell to 3.253 percent, a record high since June. U.S. Treasury Department auctioned 21 billion U.S. dollars on Wednesday afternoon, 10-year bonds, the market reaction although not as active as before, but the demand fair.
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