daytrades april 28 morning ...

Good Morning Traders,

US Market Report:

It was a 'no news is good news' kind of day for the stock market.

After waiting on the sidelines most of Wednesday in anticipation of the Federal Reserve's statement and Fed chief Ben Bernanke's first press conference, investors waded back in.

As expected, the central bank said it would keep interest rates low and end its $600 billion Treasury buying program in June, while Bernanke reassured investors that the nation's economic recovery is on track.

"The Fed statement and Bernanke's speech didn't offer any surprises, and that's good for the market because Wall Street hates uncertainty," said Doug Roberts, chief investment officer at Channel Capital Research and author of Follow the Fed to Investment Success.

The lack of news pushed the Dow Jones industrial average up 96 points, or 0.8%. The S&P 500 rose 8 points, or 0.6%, and the Nasdaq Composite added 22 points, or 0.8%.

The gains put all three indexes at fresh multi-year highs. The Dow climbed to its highest level since May 2008, while the S&P 500 rose to its highest level since June 2008. The Nasdaq pushed to its highest level since December 2000.

With the Fed's meeting on top of this week's onslaught of corporate earnings and economic reports, "investors have a lot to digest," said Fred Dickson, chief market strategist at D.A. Davidson & Co. [Source: cnnmoney.com]

Market Reflections - Wednesday, 27th April, 2011

An extension of Fed policy is a green light for gold bulls who say accommodation points to a soft dollar and higher demand for commodities. Gold shot up $25 during the afternoon events that started with a statement and ended with the first post-meeting press conference by the ever more transparent Fed. Oil also got a boost, ending over $113 while the dollar index fell 0.7 percent. Low rates have been good for stocks and the Dow rose 0.8 percent to 12,690. [Source: bloomberg.com]

Market Focus in the US this evening

Another setback for initial jobless claims could upstage first-quarter GDP. [Source: bloomberg.com]
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The DJIA Index finished the last trading session: Up 95.59 points; and
The SPI Futures are currently: Up 37 points atm.
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Of note in the US this evening:

GDP [ Market moving indicator]

Jobless Claims [ Market moving indicator]

Pending Home Sales Index [ Market moving indicator]

Elizabeth Duke speaks
[Federal Reserve Gov. - Elizabeth Duke and San Francisco Federal Reserve Bank President John Williams opening remarks to the bank's Community Affairs Research Conference in Arlington, Virginia.]

Dennis Lockhart speaks
[Atlanta Federal Reserve Bank President - Speech on the economic outlook to the Rotary Club of Atlanta.]

...AND...

Of note in Australia today:

Please note there is no noteworthy 'Economic news' due to be reported in Australia today.

...AND...

Of note Elsewhere today:

Japan - BoJ Interest Rate Decision (Apr 28) [ Market moving indicator]

[Sources used: bloomberg.com; dailyfx.com; fxstreet.com; nasdaq.com]

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Gold is currently trading Down $0.60 & is sitting at US$1,526.70/oz atm [Source: Kitco]
Oil is currently trading Up $0.89 & is sitting at US$113.65/bbl atm [Source: Bloomberg]
The Dollar: The AUD is currently trading @ $1.0853c against the US Dollar [Source: Forex. Live]
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Have a great day trading today all.

Cheers, Tweets

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