<img src="/images/nav_ra.png" />

A / A / A

Global Market Wrap-Up - January 10, 2013

Thursday, January 10, 2013
Mark Hanna
Positive data out of China helped pushed U.S. markets up, as the S&P 500 gained 0.8% and the NASDAQ rallied 0.5%.
  • The Labor Department said weekly jobless applications rose 4,000 to 371,000, the most in five weeks.
Crude oil gained 0.8% to $93.82, gold added 1.4% to $1678.00 and silver jumped 2.2% to 30.92.

British stocks gained 0.05%, while German stocks dropped 0.2% and French stocks fell 0.4%.
  • The European Central Bank kept interest rates at a record low of 0.75% on Thursday in the absence of hard evidence that the eurozone recession is deepening and as inflation remains above its target. The bank said in December it expects the eurozone economy to contract by 0.3% in 2013, after the region fell back into recession in the third quarter of 2012. And inflation, while falling, remains above the ECB's target of just under 2%.
  • The Bank of England also held interest rates at a record low of 0.5%, and did not add to its quantitative easing target of £375 billion ($600 billion).
The Shanghai Composite added 0.4%, the Nikkei advanced 0.7%.
  • Trade data released on Thursday showed the value of China's exports grew 14.1% last month compared with a year earlier, racing past forecasts of analysts, who had expected annual growth of 4%. Economists said the pick-up in exports growth from November's 2.9% rise was likely accentuated by lower comparison figures a year ago and exporters clearing year-end orders, factors that do not suggest a sustainable turnaround.