27 May 2014
US stocks rally, gold plummets after US data
FXStreet (Córdoba) - US stock indexes rallied in early trade Tuesday following a long weekend in the US, with the S&P 500 hitting fresh all-time highs, supported by solid US data.
The S&P 500 rose 0.56% to a fresh intraday all-time high of 1911 points after closing the previous session above 1900 for first time. The Dow Jones Industrial Average gained 0.47% to 16,683 and the Nasdaq Composite climbed 1.0% to 4,227.
Investors welcomed better-than-expected reports on consumer confidence, home prices and durable-goods orders.
Elsewhere, traders were ditching gold as safe-haven amid positive US data, rising stocks and yields, sending the yellow metal through stops around $1275 an ounce toward fresh 3-month lows around $1265 an ounce.
The dollar was higher across the board, with USD/JPY hitting a 2-week high of 102.12 and EUR/USD dropping to a marginal new low of 1.3611.
The S&P 500 rose 0.56% to a fresh intraday all-time high of 1911 points after closing the previous session above 1900 for first time. The Dow Jones Industrial Average gained 0.47% to 16,683 and the Nasdaq Composite climbed 1.0% to 4,227.
Investors welcomed better-than-expected reports on consumer confidence, home prices and durable-goods orders.
Elsewhere, traders were ditching gold as safe-haven amid positive US data, rising stocks and yields, sending the yellow metal through stops around $1275 an ounce toward fresh 3-month lows around $1265 an ounce.
The dollar was higher across the board, with USD/JPY hitting a 2-week high of 102.12 and EUR/USD dropping to a marginal new low of 1.3611.