The previous week has finished with growth for the U.S. stock market, owing to B. Bernanke’s speech. The FED chairman has assured the markets of continued financial support of the U.S. economy.
U.S. stock market was unstable to the mixed dynamics. Key market indicators are decreasing in price for no apparent reason (probably because of the incipient panic). Bulls can’t start the game.
U.S. stock trading opened with a sharp decline in the leading index on the background of macroeconomic news. Banks suffered first. Bank of America Corporation (NYSE: BAC) shares fell to 13.30 points lost -2.42%. Wells Fargo & Company (NYSE: WFC) fell to 26.69 points, a decrease of -3.89%. Morgan Stanley (NYSE: MS) stood at 26.70, losing -2.31%.
Bank of America Corporation (NYSE: BAC) completed the bidding at around 13.63 points, losing -2.01%. At the same time, the bullish trend may come back very quickly. CEO of BofA Brian Moynihan said the bank intends to reduce the cost of a unit serving credit cards, during the third quarter, as the restrictions imposed by the new rules regulating financial markets at the commission income may negatively affect the company’s annual revenues.
Dow Jones Industrial Average have reached 10,642.51 points. The DJIA rise up +176.57 or 1.69%. The banking sector remains among the leaders today. Morgan Stanley (NYSE: MS) stood at 27.50 points, gaining +0.51 (1.89%). JPMorgan Chase & Co. (NYSE: JPM) went to 40.97 points, taking with bears +0.69 (1.71%).
The euro exchange rate started to rise from the bottom. After seven months of nonstop decline of the euro / dollar, finally, closed with a surplus in July amid falling concerns about the crisis of European sovereign debt and the extent of its influence on the global recovery.
Dow Jones Industrial Average continues to trade in the green zone, while Bank of America Corporation is gaining point by point. The DJIA is 10,485.93 points, taking with bears +18.77 (0.18%). Bank of America Corporation (NYSE: BAC) shares came close to 14.17 points, gaining +0.14 (1.00%).
Dow Jones Industrial Average goes into the red zone against the background of the fall of The Boeing Company (NYSE: BA) shares. DJIA shows no signs of life and trading volumes are reduced. Poor records and reports do not provide Dow Jones Industrial rise above. Conference Board released a report stating that the index of consumer confidence in the country in July 2010. decreased compared to the previous month at 3.9 points and totaled 50.4 points, which did not meet analysts’ forecasts.
Bank of America Corporation (NYSE: BAC) is at its peak, completing trades at around 14.19 points yesterday. Favorable banking news provided an opportunity for Bank of America to complete trades, gaining +0.04 points (0.28%). Bank of America corp. futures up to 14.22 (+0.21%) today. Dow Jones Industrial futures grow in the range 0,1-0,25% in early pre-market. Meanwhile, The DJIA has completed trades at around 10,537.69 (0.12%) points yesterday.
The stock market remains volatile today. Dow Jones Industrial Average continues to move in the green zone, but analysts see no growth prospects for the Dow index today. Bank of America, Wells Fargo and Citigroup are strengthened and given chances to support the bulls DJIA. Published accounts with UBS and Deutsche Bank, been glad bidders higher than expected results, impact on the more expensive shares U.S. Bank. Thus, the shares Bank of America, Wells Fargo and Citigroup built up on 0,92%, 1,65% and 0,96% respectively.