Stock Indices Climb to New Highs for 2009, The Dollar Continues to Fall

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Stock Indices Climb to New Highs for 2009, The Dollar Continues to Fall

Post  harpal1980 on Tue Oct 20, 2009 3:00 am

Wall Street raced higher yesterday, backed by rising oil prices and expectations of better than expected results from industry leaders. Even though certain stocks including Fannie Mae and Freddie Mac weighed on the intraday session, dropping by over 20%, investors looked past financial downgrades, over enthusiastic that the major indices have now topped psychological levels.

Apple and Texas Instruments also had an effect on the intraday session as the two stocks attracted massive volume. After the closing bell both the stocks released better than expected results with Apple showing a profit of $1.67 billion by selling over 3 million Macs.

The stock presented an interesting session, presenting massive volume prior to the result. The stock ended higher by 0.96% after presenting an intraday reversal.

Crude oil also had an impact on the trading day coming close to $80 per barrel. A combination of increasing optimism and a weak Dollar inspired energy traders to come back into the markets. Even though many traders are still expecting a correction, one must note that a bullish market can have also a positive effect on crude as it often increases demand for commodities.
Crude oil finished the session at $79.797, before climbing higher throughout morning hours.

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