US market update.

30th August 2011

“US markets opened as usual yesterday (Monday 29 August 2011), after Hurricane Irene failed to shut financial markets.

US stocks advanced strongly following news that US consumer spending has rebounded calmed fears of a recession, coupled with the announcement that Greece’s second and third biggest banks ( EFG Eurobank Ergasias and Alpha Bank) planned to merge. At the close, the S&P 500 was up 33.28 points or 2.83% at 1,210.08, while the Dow Jones rose 254.71 points or 2.26% to 11,539.25.

Since the S&P 500 hit its recent low of 1,119.46 on 8 August, the index has recovered 8.09%, while the Dow has gained 7.64% since its recent low of 10,719.94 on 10 August – and is now less than 40 points (0.33%) from where is started the year (11,577.51).”