28 May 2022
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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,


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