"Stocks ended lower Monday, as investors took a step back from last week's run-up and shifted their focus to the global economic picture. Instead, investors turned to commodities. Gold surged to a new record high, settling at a record $1,403.20 an ounce, as jittery investors continue to see it as a hedge against inflation.
"After last week's historic events, today is all new territory," said Adam Harter, chief strategist at Financial Enhancement Group. "We have nothing in history to compare last week to, so it's a lot for investors to digest."
Stocks rallied last week on two major pieces of news. Tuesday's midterm elections saw the Republican party win control of the House. On Wednesday, the Federal Reserve said it will buy $600 billion in U.S. Treasuries by the middle of next year to stimulate the economy.
"There's an old saying on Wall Street: 'Don't fight the Fed,'" Harter said. "They want assets to go up, and stocks are going to benefit from that in the short- to medium-term period."
After a busy week of domestic news, this week will turn investors' attention overseas. On Thursday, leaders of the world's major economies -- including President Obama -- will start a two-day summit in South Korea. The Group of 20 is expected to discuss recent currency tensions and other global economic challenges.
Stocks ended slightly higher Friday, but it was enough for all three major indexes to close at fresh two-year highs. Both the Dow and S&P also logged their biggest weekly gains in more than two months." [Source: cnnmoney.com]
The DJIA Index finished the trading session Down 37.24; and The SPI Futures are currently: Down 23 pts atm.
Of note in the US this evening:
Please note there is no noteworthy 'Economic news' due out in the US this evening that is either a 'market moving indicator' or 'merits extra attention';
...AND...
Of note in Australia today:
National Australia Bank's Business Confidence (Oct) [The National Australia Bank Business Confidence is a survey of the current business condition in Australia. It indicates the performance of the overall Australian economy in a short-term view. A positive economic growth anticipates bullish movements for the AUD, whereas a negative growth is seen as bearish.]
National Australia Bank's Business Conditions (Oct) [The NAB's Business Conditions released by the National Australia Bank looks at trading, profitability and employment conditions in Australia. It serves as an indicator of overall economic situation in the short term. A high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).]
Westpac Consumer Confidence (Nov) [The Westpac Consumer Confidence released by the Faculty of Economics and Commerce Melbourne Institute captures the level of sentiment that individuals have in economic activity reflecting respondents' evaluations of their family finances over the past and coming year, expectations about the one-year and five-year economic conditions and views about current buying conditions for major household items. Generally speaking, a high reading is seen as positive (or bullish) for the AUD, whereas a low reading is seen as negative (or bearish).]
Gold is currently trading Up $16.10 & is sitting at US$1,410.20/oz atm [Source: Kitco] Oil is currently trading Up $0.21 & is sitting at US$87.06/bbl atm [Source: Bloomberg] The Dollar: The AUD is currently trading @ 1.0120 cents against the US Dollar[Source: Forex. Live]
