28 May 2022
1300 794 893
Subscribe

Inside Markets

Switzer Daily
19 June 2009

Wall Street is a little worried about the official release of the stress tests and this has held back the onward march of this rally, however, investors are not too concerned at the moment.

Stocks pulled back Tuesday as the pending results for the government's bank stress test left the market a bit jittery.

The Dow shed 16 points or 0.2% to close at 8,410.65.
 
The Nasdaq dropped 9 points to 1,754.
 
The S&P 500 slipped 3 points to 903.

Helping the market was the Federal Reserve Chairman Ben Bernanke who told Congress that the U.S. economy is on track for a recovery, but he thinks it will be a slow process.

Better than expected economic news continued with the ISM, which measures the health of the service sector, contracting at a slower pace in April compared to March.

Friday morning our time will be the test for the market with the stress test information on America’s top 19 banks set to be released.

Today’s mild sell off shows that the bulls are starting to number up well against the bears and that this rally, while set to be tested, is the making of an eventual bull market.

The Oz dollar has held up there at 74.26 US cents. This is a good sign for shares and commodities, which are starting to regain favour.

Have a great day,
 

Peter 


Want to know the 5 Stocks Peter Switzer & Paul Rickard are buying in 2022?

We're giving you FREE access to find out which stocks our Switzer Report experts think have the highest upside in October and beyond!

Comments
Get the latest financial, business, and political expert commentary delivered to your inbox.

When you sign up, we will never give away or sell or barter or trade your email address.

And you can unsubscribe at any time!
Subscribe
1300 794 893
© 2006-2021 Switzer. All Rights Reserved. Australian Financial Services Licence Number 286531. 
homeshopping-cartphoneenvelopedollargraduation-cap linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram