Gold Climbs to a New High Is This Rally Stable?

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Gold Climbs to a New High Is This Rally Stable?

Post  harpal1980 on Wed Dec 02, 2009 10:22 am

It was another positive day for stocks and commodities yesterday as the major indices climbed higher for the second day of this trading week. Volume surprised investors as the S&P500 index, among other major indices, were driven higher on increasing demand.

Even though recent news regarding *Dubai *world continued to weigh on sentiment, it was brushed aside as headlines showed that their debt is much lower than previously expected. According to Bloomberg news the current debt will stand on $26 billion, compared to previous rumors of $60 billion.

*Economic data* also had an effect on the session as deteriorating sectors suddenly showed signs of life. Although the major mover of the day, (ISM Manufacturing Index), showed a weaker result, coming out at 53.60, compared to a 54.80 figure, pending home sales and construction spending beat economist 92s expectations. The housing sector showed that NAR=92s Pending Home Sales increased by 3.70%, compared to an expected -0.5%. Even though the number was lower than the previous result, it helped to boost the intraday session.

On the Amex, all of the 9 major sectors presented a positive session, with materials and utilities leading the way higher. Unlike Monday=92s session, the financial sector was the lager of the day closing with a mild gain of 0.07% . The broader market closed with a gain of 1.21%, while the Dow Jones finished with a 1.37% profit.

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