Stock Market Update September 14, Financial markets made some significant moves recently. First we have China's central bank lowered reserve requirements, Second we have the European Central Bank raising interest rates but suggested they would remain unchanged for the foreseeable future. In the U.S., retail sales exceeded forecasts, driven by soaring fuel costs, and some sectors of the Producer Price Index also surpassed expectations. This led to a softer bond market, but equities largely shrugged off the news, perhaps due to heavy options activity in the S&P 500.
By midday, most stock market indices were up by roughly 0.75%. A modest rally emerged in the afternoon but eventually leveled off, leaving the market close to its midday position.
In other asset classes, the U.S. dollar gained ground while bonds slipped. Precious metals began the day on a weaker footing but later recouped some of their losses, finishing nearly flat to down 1%. Mining stocks, on the other hand, maintained a positive trajectory throughout the day, closing with modest gains.
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