US markets – 9th Nov 09

US mkts rallied as pledge by Finance Minister & central bankers from G-20 nations to keep stimulus in place spurred investors’ appetite for risk

The US markets rallied on Monday as a pledge by the Finance Minister and central bankers from the G-20 nations to keep stimulus in place spurred investors’ appetite for risk.

Crude prices rose more than 2% to trade above USD 79 after Hurricane Ida entered the gulf of Mexico, forcing BP and Chevron to cut output.

Gold futures climbed to a record for the second straight session on dollar weakness. Gold is currently trading above 1100 dollars.

In the Forex market, the dollar fell to a 15-month low against a basket of major currencies and the euro rose above 1.50. The dollar index dropped more than a percent to currently trade below the 75 mark. The gauge touched 74.93, the lowest level since august 2008.

At closing bell, the Dow Jones added 203.52 points, or 2%, to 10,226.94, a new 2009 high. The S&P 500 index rose 23.78 points, or 2.2%, to 1,093.08. The Nasdaq Composite Index rose 41.62 points, or 2%, to 2,154.06.

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