April 22, 2014
U.S. stocks rose on Monday, continuing last week’s rally as investors continued to digest corporate results while disregards disappointing numbers out of Japan or geopolitical tensions in Ukraine.
Positive data that came before the U.S open yesterday supported the continuous positive sentiment. The Conference Board reported that its index of leading indicators, which measures future economic activity, increased 0.8% in March after a 0.5% rise in February, beating expectations for a 0.7% reading.
At session closed, The Dow Jones industrial average rose 40.52 points, or 0.25%, the S&P 500 gained 6.94 points, or 0.37% and the Nasdaq Composite added 26.03 points, or 0.64 %.
The S&P 500 index rose for a fifth straight day, the longest winning streak since October.
The Asian exchanges are trading mix on Tuesday with the Shanghai Composite Index trading flat after having shed 1.5% the previous day.
The Japanese Nikkei rose marginally despite Monday’s trade data showing soft exports in March and a record trade deficit for the fiscal year.
Markets in Hong Kong eased slightly after being closed on Monday for the Easter holiday while Australia and New Zealand were off from Good Friday to Easter Monday and will close Friday for ANZAC Day.
The European Exchanges are set to open for the first time since Thursday following a long Eater holidays.
Later in the day, the U.S. is to release private sector data on existing home sales while Investors will continue to follow the Geopolitical developments in Ukraine, even though those seemed to be having less of an impact on the markets as it used too.
USD/JPY The yen opened flat against the Dollar after weakening on Monday followed data showed a wider than expected trade deficit for March and disappointing export numbers.
Japan’s March trade deficit widened to ¥1.446 trillion, compared to a forecast of ¥1.070 trillion, with exports up 1.8% year-on-year, compared to a forecast of a 6.3% year-on-year gain and imports rose 18.1%, with expectations for a 16.2% increase.
The data for the full-year ended March showed the country reached a record trade deficit of ¥13.7 trillion.