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Global Market Wrap-Up

Mark Hanna is a private investor and financial commentator, best known as “TraderMark” on Seeking Alpha. He holds an economics degree from the University of Michigan and operates his own website called Fund My Mutual Fund. Considering him a kindred philosophical spirit, Euro Pacific Capital has commissioned Mark to provide daily updates on global markets.
News Sunday evening that Larry Summers had "withdrawn" from consideration (wink wink) for the head of the Federal Reserve sent futures flying as traders want nothing more than a Fed head who might impose any form of hawkish monetary policy. Not that Summers is considered a hawk...
Despite 2 economic reports that came in light versus expectations, U.S. stocks finished with light gains of 0.3% for the S&P 500 and 0.2% for the NASDAQ. Traders generally front run the Federal Reserve, and in the past the market tends to run into the Fed meeting, which is...
U.S. stocks finished down for the first time in September as a very short term overbought market needed a rest. The S&P 500 fell 0.3% and NASDAQ 0.2%. Precious metals were hit hard as tensions in Syria perhaps are receding; and investors look ahead to next week when the...
U.S. stocks finished in mixed action as the S&P 500 gained 0.3% but the NASDAQ dropped 0.1% mostly due to a 5%+ drop in Apple's stock after an uninspiring unveiling of the new iPhone. Ten year treasuries rallied, pushing the yield down to 2.91%. Verizon Communications...
U.S. stocks continued their 2 week rally as it appears increasingly likely President Obama will not find backing from Congress for Syrian strikes. We also saw more constructive data out of China overnight, as that market has rallied sharply in the past few weeks. In the U.S...
U.S. stocks rallied Monday as Asian markets burst to the upside, and no imminent action on Syria surfaced over the weekend. The S&P 500 gained 1% and the NASDAQ 1.3%. The 10 year Treasury rallied, pushing yields down to 2.92%.
  • Consumer credit growth rose at a 4....
Despite the closing prints, Friday was an extremely volatile day in U.S. markets. A poor employment report perversely led markets upward as investors predicted it would curtail any Federal Reserve attempts at "tapering" quantitative easing, but very early in the morning a news...
U.S. markets had a quiet session ahead of Friday's employment reports. The bond market on the other hand saw 10 year Treasury yields spike to 3%, the highest since July 2011. Meanwhile the S&P 500 gained 0.1% and the NASDAQ 0.3%. An impressive ISM Non Manufacturing...